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Product Key Facts

Fidelity Funds

PRODUCT KEY FACTS

FIL Investment Management (Luxembourg) S.A. (as Management Company) December 2020

This statement provides you with key information about this product. This statement is part of the Hong Kong Prospectus.

You should not invest in this product based on this statement alone.

Quick facts

Management Company: FIL Investment Management (Luxembourg) S.A.

Investment Manager: FIL Fund Management Limited (Bermuda, internal delegation)

Investment Advisor: Internal and/or external sub-delegation to one or more Investment Advisors as described in “The Investment Manager” section under Part IV of the Hong Kong Prospectus (~Note)~ Note: The list of all Investment Advisors having managed all or part of the assets of

each fund over the last six or twelve months will be published in the annual and semi-annual financial reports.

Depositary: Brown Brothers Harriman (Luxembourg) S.C.A.

Ongoing charges over a year^: A-ACC-Euro : 1.93% ^ Unless otherwise stated, the ongoing charges figure represents the ongoing

expenses based on the annual financial report for the year ended 30 April 2020. This figure may vary from year to year.

Dealing frequency: Daily

Base currency: Euro

Dividend policy: Class A-ACC No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.

Financial year end of this fund: 30 April

Minimum investment: Initial Investment Subsequent Investment

Class A USD 2,500 USD 1,000

What is this product?Fidelity Funds is an open-ended investment company established in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (CSSF).

Objectives and investment policy

The fund is an Equity fund and aims to achieve long-term capital growth from a portfolio principally made up of equity securities of companies that are listed, incorporated or have their domicile in, or exercise a majority of their activity in countries which are members of the Economic and Monetary Union (EMU) and denominated in Euro. For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, currency or asset classes.

The fund adopts a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics.

Sustainable characteristics may include but are not limited to effective governance and superior management of environmental and social issues (“ESG”), and an issuer is deemed to maintain this, if it has an ESG rating which is above the minimum ESG rating threshold determined by the Investment Manager from time to time. The Investment Manager will determine the minimum ESG rating threshold and assess the ratings of securities and their issuers based on quantitative and qualitative assessments of their sustainability characteristics.

“Quantitative assessments” will be by reference to ESG ratings from external providers including but not limited to MSCI, or an internal rating assigned by the Investment Manager using primarily Fidelity Sustainability Ratings, relevant data in third-party certificates or labels, assessment reports on carbon footprints, and percentage of revenue or profits of the issuers generated from ESG-relevant activities. Fidelity Sustainability Ratings is a proprietary rating system created by Fidelity’s research analysts which scores issuers on an A-E scale on a sector relative basis and trajectory forecast of its future ESG rating based on fundamental bottom-up research and materiality assessment using criteria specific to the industry of each company based on material ESG issues.

Fidelity Funds - Sustainable Eurozone Equity Fund

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“Qualitative assessments” will be by reference to case studies, environmental, social and governance impacts associated with the issuers, product safety documents, customer reviews, company visits or data from proprietary models and local intelligence.

ESG ratings and associated ESG data, including Fidelity Sustainability Ratings, are part of a centralised research platform operated by the Investment Manager. The provision and source of ESG data is reviewed on a regular basis to ensure its continuing suitability, adequacy and effectiveness for the assessment of sustainability characteristics.

Assessment factors and minimum ratings thresholds may change over time or vary in importance depending on the sector or industry an issuer operates in.

The fund adheres to a principles-based exclusion framework which sets out the basis upon which certain issuers are excluded from the permissible investment universe. The framework incorporates both norms-based screening and negative screening of certain sectors, companies or practices based on specific ESG criteria to be determined by the Investment Manager from time to time. The norms-based screening includes issuers which fail to behave in a way which meets their fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption as set out by the Ten Principles of the United Nations Global Compact. The negative screening includes issuers within certain single product categories or industries which are fundamentally unsustainable or are associated with significant risks or liabilities from societal, environmental or health related harm. As an illustrative example, manufacturers of controversial weapons (e.g. land mines, nuclear weapons) are excluded from the investment universe of the fund under this framework. The current exclusion criteria may be updated from time to time. To apply this exclusion, the Investment Manager may use data provided by internal research teams as well as various external ESG data, tools and research providers.

The fund may also invest in issuers which demonstrate improving sustainable characteristics.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI EMU Index (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index constituents. Where the fund invests in securities that are included in the Index, its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions. The fund’s performance can be assessed against its Index.

The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as futures, contracts for difference, equity swaps, options such as puts, calls and warrants, forwards, non-deliverable forwards and currency swaps. The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.

The fund will not engage extensively in securities lending, repurchase and reverse repurchase transactions.

Use of derivatives/investment in derivativesThe fund’s net derivative exposure may be up to 50% of its net asset value.

What are the key risks?Investment involves risks. Please refer to the Hong Kong Prospectus for details including the risk factors.

Risk to Capital and Income (Investment Risk)

The assets of the fund are subject to fluctuations in value. There is no guarantee of repayment of principal and you may not get back the original amount invested. Past performance is no guarantee of future performance.

Sustainable Investing

The use of ESG criteria may affect the fund’s investment performance and may result in a return that at times compares unfavourably to similar products without such focus. Sustainable characteristics used in the fund’s investment policy may result in the fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so and/or selling securities due to their sustainable characteristics when it might be disadvantaged to do so. As such, the application of ESG criteria may restrict the ability of the fund to acquire or dispose of its investments at a price and time that it wishes to do so, and may therefore result in a loss to the fund.

The securities held by the fund may be subject to style drift which no longer meet the fund’s ESG criteria after its investments. The Investment Manager may need to dispose of such securities when it might be disadvantageous to do so. This may lead to a fall in the value of the fund.

The use of ESG criteria may also result in the fund being concentrated in companies with ESG focus and its value may be volatile than that of fund having a more diverse portfolio of investments.


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There is a lack of standardised taxonomy of ESG evaluation methodology and the way in which different ESG funds will apply ESG criteria may vary, as there are not yet commonly agreed principles and metrics for assessing the sustainable characteristics of investments of ESG funds.

The information and data sources provided by internal research teams and complemented by external ESG rating providers for evaluating sustainable characteristics of the securities may be incomplete, inaccurate or unavailable. As a result, there is a risk that the Investment Manager may incorrectly assess a security or issuer.

Evaluation of sustainable characteristics of the securities and selection of securities may involve the Investment Manager’s subjective judgment. As a result, there is a risk that the relevant sustainable characteristics may not be applied correctly or that the fund could have indirect exposure to issuers who do not meet the relevant sustainable characteristics, and sustainable characteristics of a security can change over time.

Equities

The fund’s investment in equities securities may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events including changes in investment sentiment, political and economic conditions and issuer-specific factors.

Eurozone Risk

The performance of the fund will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the Eurozone and could be more volatile than the performance of more geographically diversified funds. In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the fund.

Foreign Currency Risk

The fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of shares may be designated in a currency other than the base currency of the fund. Fluctuations in the exchange rates between these currencies and the base currency as well as changes in exchange rate controls may adversely affect the fund’s net asset value.

Financial Derivative Instruments

The fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.

How has the fund performed?

(%)

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A-ACC-Euro Benchmark

16.0

-10.4

18.8 21.2

5.6 9.6

-0.5

9.4

-11.4

31.0

11.1

-8.1

17.3 19.8

6.8 8.2

2.6

10.2

-10.6

24.9

-20

-10

0

10

20

30

40

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend re-invested.

These figures show by how much Class A-ACC-Euro increased or decreased in value during the calendar year being shown. Performance data has been calculated in Euro including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

Where no past performance is shown there was insufficient data available in that year to provide performance.

Fund launch date: 2005 Class A-ACC-Euro launch date: 2005 Class A -ACC-Euro is selec ted as the most

appropriate representative share class as it has the longest track record and is denominated in the fund’s reference currency.

The benchmark is the MSCI EMU Index.

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Is there any guarantee?This fund does not have any guarantees. You may not get back the full amount of money you invested.

What are the fees and charges?Charges which may be payable by you

You have to pay the following fees when dealing in shares of the fund:

Subscription Fee Class A – Up to 5.25% of NAV

Switching Fee Generally up to 1% of NAV, except if you are switching from one class with no subscription fee into a class with subscription fee, you will have to pay for a switching fee of up to the full subscription fee of the class to be switched

Redemption Fee N/A

Ongoing fees payable by the fund

The following expenses will have to be paid out of the fund. They affect you because they reduce the return you get on your investments:

Management Fee* Class A – Up to 1.50% p.a. of NAV

Depositary Fee Varies from 0.003% to 0.35% of NAV

Performance Fee N/A

Administration Fee Up to 0.35% of NAV

* The management fee can be increased to a maximum annual rate of 2% of the net asset value of the fund. In the event of such increase, not less than 3 months’ notice will be given to you.

Other Fees

You may have to pay other fees when dealing in shares of the fund. Any other fees and charges are described in the Hong Kong Prospectus. You should note that some fees may be increased, up to a specified permitted maximum, by giving shareholders at least one month’s prior notice. For details, please refer to the Hong Kong Prospectus.

Additional InformationYou generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your request, directly or via a distributor, in good order at or before 5.00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).

The net asset value of this fund is calculated and the price of shares is published each business day. Net asset value of the fund will be published in the South China Morning Post and the Hong Kong Economic Times.

Investors may also obtain the past performance information of the fund’s representative share class and (if applicable) other share classes offered to Hong Kong investors from www.fidelity.com.hk*.

Investors may obtain information on the intermediaries from the Fidelity Investor Hotline: +852 2629 2629.

ImportantIf you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

* The website has not been reviewed by the SFC.


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PRODUCT KEY FACTS


Fidelity Funds - Sustainable Water & Waste Fund



Quick facts






Ongoing charges over a year^: A- ACC-USD: 1.91%

^ Unless otherwise stated, the ongoing charges figure represents the ongoing expenses based on the annual financial report for the year ended 30 April 2020. This figure may vary from year to year.


Base currency: USD






Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth from a portfolio primarily made up of equity securities issued by companies throughout the world. For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s market sectors, currency or asset classes.As this fund may invest globally, it may be exposed to countries considered to be emerging markets. It may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.The fund adopts a Sustainable Thematic strategy which actively seeks to select companies involved in the design, manufacture, or sale of products and services used for or in connection with water and waste management sectors and under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics and a minimum of 70% of the fund’s net assets will be invested in the water and waste management sectors (including such securities which are not deemed to maintain sustainable characteristics). The water management sector includes but is not limited to, those companies involved in water production, water conditioning, de-salination, supply, bottling, transport and dispatching of water. The sector also includes those companies specialising in the treatment of waste water, sewage, solid, liquid and chemical waste and any consulting or engineering services in connection with these activities. The waste management sector includes but is not limited to, those companies involved in the collection, recovery and disposal of waste; including recycling, incineration, anaerobic digestion of food waste (biological processes) and landfilling of residual waste. Sustainable characteristics may include but are not limited to effective governance and superior management of environmental and social issues (“ESG”), and an issuer is deemed to maintain this, if it has an ESG rating which is above the minimum ESG rating threshold determined by the Investment Manager from time to time. The Investment Manager will determine the minimum ESG rating threshold and assess the ratings of securities and their issuers based on quantitative and qualitative assessments of their sustainability characteristics.

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“Quantitative assessments” will be by reference to ESG ratings from external providers including but not limited to MSCI, or an internal rating assigned by the Investment Manager using primarily Fidelity Sustainability Ratings, relevant data in third-party certificates or labels, assessment reports on carbon footprints, and percentage of revenue or profits of the issuers generated from ESG-relevant activities. Fidelity Sustainability Ratings is a proprietary rating system created by Fidelity’s research analysts which scores issuers on an A-E scale on a sector relative basis and trajectory forecast of its future ESG rating based on fundamental bottom-up research and materiality assessment using criteria specific to the industry of each company based on material ESG issues .





The fund may also invest in issuers which demonstrate improving sustainable characteristics. The fund may invest its net assets directly in China A and B shares. The fund can directly invest in China A shares

through the Qualified Foreign Institutional Investor (“QFII”) status of FIL Investment Management (Hong Kong) Limited and/or through any permissible means available to the fund under prevailing laws and regulations (including through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or any other eligible means). The fund will invest less than 30% of its net assets directly and/or indirectly in onshore China A and B shares on an aggregated basis.

The fund is actively managed. The Investment Manager will, for the purposes of monitoring risk, reference the MSCI ACWI Index (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.










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Sector Concentration

The fund invests primarily in the water and waste management sectors and may have greater exposures to the market, liquidity, tax, legal, regulatory, and economic risks of those sectors than a fund which diversifies across a number of sectors. This may result in lower liquidity of the fund’s assets and/or a higher volatility of the net asset value than a fund that diversifies across more sectors.

The fund may be more susceptible to different water and waste-related factors. Certain companies focusing on water and waste management sectors may make substantial investments in construction, operations and maintenance of associated facilities and any delay in commencement of operations due to delay in the construction works may adversely affect the profits or growth of the companies. Companies active in markets with regulated water and/or waste tariffs may suffer from decreasing tariffs, which would lower their revenues. Changes in regulations and policies may affect the operations of such companies. The foregoing factors may have unfavourable effects on the value of the companies invested by the fund, which in turn may result in a fall of the fund’s net asset value.

Equities







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(%)

Class A-ACC-USD Benchmark

29.9 26.6

0

10

20

30

40

2015 2016 2017 2018 2019



These figures show by how much Class A-ACC-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.


Fund launch date: 2018 Class A-ACC-USD launch date: 2018 Class A -ACC-USD is selec ted as the most


The benchmark is the MSCI ACWI Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees


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PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: A-ACC-Euro : 1.95%



Base currency: GBP






Objectives and investment policyThe fund is an Equity fund and aims to achieve long term capital growth from a portfolio primarily (i.e. at least 70% of the fund's assets) made up of the equity securities of companies that are listed, incorporated or have their domicile in, or exercise a majority of their activity in the UK. The Investment Manager will focus on companies it believes to be undervalued and whose recovery potential (i.e. potential recovery of share prices reflecting improving business fundamentals) is not recognised by the market (i.e. special situations). The Investment Manager may take into account various factors from time to time as it deems appropriate, including earnings power of the business, high barriers to entry and low relative valuations compared to history and improving competitive environment. The fund will have a mixture of investments in larger, medium and smaller sized companies. The Investment Manager is not restricted in its choice of companies either by size or industry, and will choose stocks largely determined by the availability of attractive investment opportunities. For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, currency or asset classes.In selecting securities for the fund, several factors are considered in the investment process; for example, consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.The fund is actively managed and references the FTSE All Share Index (the “Index”) for performance comparison only.The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as futures, contracts for difference, equity swaps, options such as puts, calls and warrants, forwards, non-deliverable forwards and currency swaps. The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.The fund will not engage extensively in securities lending, repurchase and reverse repurchase transactions.

Fidelity Funds - UK Special Situations Fund

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Equities


Country Concentration

The fund’s investments are concentrated in a single country (i.e. UK) and may have greater exposures to the market, political, policy, foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of that country, and the value of the fund may be more volatile than a fund which diversifies across a larger number of countries.

Investments in Medium and Small Sized Companies

The prices of securities of medium and small companies generally are more volatile than those of larger companies; the securities are often less liquid and these companies may be subject to more abrupt fluctuations in market price than larger, more established companies. Investments in securities of companies with medium and small market capitalisations are generally considered to offer greater opportunity for appreciation but may involve greater risks than those customarily associated with more established companies as they are generally more likely to be adversely affected by poor economic or market conditions.





How has the fund performed? The share class currently offered in Hong Kong was recently launched and there is insufficient data to provide a useful indication of past performance to investors.



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Redemption Fee N/A





Performance Fee N/A



Other Fees








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PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 0.71% Class A-ACC-Euro: 0.71% Class Y-ACC-Euro: 0.50%



Base currency: Euro

Dividend policy *: Class A Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.

Class A-ACC & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.

* Unless otherwise stated, dividends will not be paid out of capital and/or effectively out of capital.




Class Y USD 2,500 USD 1,000


Objectives and investment policyThe fund is a Bond fund and aims to provide income with the possibility of capital gains.

The fund invests primarily (i.e. at least 70% of the fund's assets) in Euro-denominated debt securities focusing on investment grade European fixed-rate bonds with less than five years to effective maturity. The fund may invest less than 30% of its assets in non-Euro denominated debt securities.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset classes.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference ICE BofA 1-3 Year Euro Broad Market Index (the “Index”) as the Index constituents best represent the characteristics the fund is seeking to gain exposure to. The fund’s performance can be assessed against its Index. The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.

Fidelity Funds - Euro Short Term Bond Fund

13

The fund may invest in instruments with loss-absorption features which may include instruments classified as Additional Tier 1/Tier 2 capital instruments, Contingent Convertible Securities (CoCos), non-preferred senior bonds which may also be known as Tier 3 bonds and other instruments eligible to count as loss-absorbing capacity under the resolution regime for financial institution, in compliance with its investment policy and limits. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s). In compliance with the requirements and guidance issued by the SFC, such investment will at all time remain below 50% of the fund's net asset value. For the avoidance of doubt, less than 30% of the fund’s net asset value may be invested in each individual type of instruments with loss-absorption features as described above.

The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as interest rate or bond futures, options, swaptions and interest rate, total return or inflation swaps, credit default and total return swaps, forwards including non-deliverable forwards and currency swaps. The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.

The fund will not invest more than 10% of their net asset value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.




Risk to Capital and Income (Investment Risk) The assets of the fund are subject to fluctuations in value. There is no guarantee of repayment of principal and you

may not get back the original amount invested. Past performance is no guarantee of future performance.

Bonds and other Debt Instruments The value of bonds or other debt instruments will fluctuate depending on e.g. market interest rates, the credit quality

of the issuer, the currency of the investment (when it is different from the base currency of the fund) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interest rates rise.

Downgrading risk The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such

downgrading, the value of the fund may be adversely affected. The investment manager may or may not be able to dispose of the debt instruments that are being downgraded.

Credit/Default Risk Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency

or are otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase price of the debt instrument is at risk of loss if there is no recovery after default.

Credit rating risk Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the

security and/or issuer at all times.

Valuation Risk Valuation of the fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns

out to be incorrect, this may affect the net asset value calculation of the fund.

Income-producing securities Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying

investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be increased potential for capital appreciation and/or depreciation for fixed income securities.

Risk of investing in CoCos and other instruments with loss-absorption features The fund may invest in instruments with loss-absorption features. Those features have been designed to meet specific

regulatory requirements imposed on financial institutions and typically include terms and conditions specifying the instrument is subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of the following: (a) when a financial institution is near or at the point of non-viability; or (b) when the capital ratio of a financial institution falls to a specified level.

Debt instruments with loss-absorption features are subject to greater capital risks when compared to traditional debt instruments as such instruments are typically subject to the risk of being written down or converted to ordinary shares upon the occurrence of pre-defined trigger events (such as those disclosed above). Such trigger events are likely to be outside of the issuer’s control and are complex and difficult to predict and may result in a significant or total reduction in the value of such instruments.


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In the event of the activation of a trigger, there may be potential price contagion and volatility to the entire asset class. Debt instruments with loss-absorption features may also be exposed to liquidity, valuation and sector concentration risk.

The fund may invest in CoCos, which are highly complex and are of high risk. CoCos are a form of hybrid debt security with loss-absorption features that are intended to either convert into equity shares of the issuer (potentially at a discounted price) or have their principal written down (including permanently written down to zero) upon the occurrence of certain ‘triggers’. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.

The fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss principal invested.

Eurozone Risk In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the fund’s investments

in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the fund.

Foreign Currency Risk The fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of shares

may be designated in a currency other than the base currency of the fund. Fluctuations in the exchange rates between these currencies and the base currency as well as changes in exchange rate controls may adversely affect the fund’s net asset value.

Sovereign Debt Risk The fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and

economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the fund to participate in restructuring such debts. The fund may suffer significant losses when there is a default of sovereign debt issuers.

Stock/Issuer Concentration At times, the fund will invest in a relatively small number of investments or issuers and may experience a more volatile

net asset value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.

Financial Derivative Instruments The fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivatives may give rise to

liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.


(%)

4.4

1.9

5.6

0.7

3.1

0.5 1.5

0.2

-1.7

2.5

-5

0

5

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.

These figures show by how much the Class A-ACC-Euro increased or decreased in value during the calendar year being shown. Performance data has been calculated in Euro including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

When no past performance is shown there was insufficient data available in that year to provide performance.



The Hong Kong Prospectus dated August 2020, as supplemented in December 2020 and the product key facts statement of the fund dated December 2020, have been enhanced to include the benchmark, the ICE BofA 1-3 Year Euro Broad Market Index.


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Subscription Fee Class A – Up to 3.5% of NAVClass Y – 0%


Redemption Fee N/A



Management Fee* Class A – Up to 0.50% p.a. of NAVClass Y – Up to 0.30% p.a. of NAV


Performance Fee N/A



Other Fees


Additional InformationYou generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your request, directly or via a distributor, in good order at or before 5.00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).The net asset value of this fund is calculated and the price of shares is published each business day. Net asset value of the fund will be published in the South China Morning Post and the Hong Kong Economic Times.Investors may also obtain the past performance information of the fund’s representative share class and (if applicable) other share classes offered to Hong Kong investors from www.fidelity.com.hk*.

The composition of dividend paid out of net distributable income and capital for the last 12 months (if any) are available from the Hong Kong Representative on request and also on the fund’s website: https://www.fidelityinternational.com/legal/documents/FF/HK-zh_en/fdpc.ff.HK-zh_en.HK.pdf*.




16

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.05% Class A-MDIST-USD: 1.05% Class A-ACC-USD: 1.05% Class A-MCDIST(G)-HKD: 1.05%* Class A-MCDIST(G)-USD: 1.05%* Class Y-ACC-USD: 0.65%


* This share class was recently launched and therefore the ongoing charges figure is an estimate of the ongoing expenses over 12 months which is based on information available in respect of the relevant share classes with a similar fee structure. The actual figure may be different from this estimated figure and may vary from year to year.


Base currency: USD

Dividend policy *: Class A Subject to the Board's discretion, dividends will be declared semi-annually normally on the first business day of February and August and will be paid accordingly.


Class A-MDISTSubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly.

Class A-MCDIST(G)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income, and distributions will also be paid out of capital in order to seek to achieve a distribution percentage higher than that of the MINCOME share class.# Investors should note that as fees and expenses may be charged to capital of

the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.






Fidelity Funds - US Dollar Bond Fund

17



The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in US Dollar denominated debt securities.

The fund is not subject to any limitation on the portion of its Net Asset Value that may be invested in the USA.



The fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider the ICE BofA Q4AR Custom Index (a custom USD Aggregate Bond index) (the “Index”) as the Index constituents best represent the characteristics the fund is seeking to gain exposure to. When monitoring risk, the Investment Manager references the Index for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Index and do not imply that the fund will invest in the Index’s constituents. Where the fund invests in securities that are included in the Index its allocation to those securities is likely to differ from the Index allocation. The Investment Manager has a wide degree of freedom relative to the Index with regards to investment selection and it may invest in issuers, sectors, countries and security types not included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions. The fund’s performance can be assessed against its Index.








Bonds and other Debt Instruments

The value of bonds or other debt instruments will fluctuate depending on e.g. market interest rates, the credit quality of the issuer, the currency of the investment (when it is different from the base currency of the fund) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interest rates rise.

Downgrading risk

The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the fund may be adversely affected. The investment manager may or may not be able to dispose of the debt instruments that are being downgraded.


18












Risks associated with distribution out of/effectively out of the fund’s capital

Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the NAV per share/unit.

The distribution amount and net asset value of the hedged share class may be adversely affected by differences in the interest rates of the reference currency of the hedged share class and the fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.







Country Concentration The fund’s investments are concentrated in a single or small number of countries and may have greater exposures

to the market, political, policy, foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of those countries, and the value of the fund may be more volatile than a fund which diversifies across a larger number of countries.

19









(%)

-10

-5

0

5

15

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8.2 6.7

9.5 8.5

6.5 4.9

-3.3 -2.7

6.8 6.3

0.3 0.4 2.3 2.7 3.3 3.8

0.1

-0.3

9.8 9.6

Class A-USD Benchmark



These figures show by how much the Class A-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1990 Class A-USD launch date: 1990 Class A-USD is selected as the most appropriate

representative share class as it has the longest track record and is denominated in the fund’s reference currency.

Prior to 1 December 2020, the benchmark was the ICE BofAML US Large Cap Corporate & Government Index. With effect from 1 December 2020, the benchmark has been changed to the ICE BofA Q4AR Custom Index (a custom USD Aggregate Bond index).


20






Redemption Fee N/A





Performance Fee N/A



Other Fees





The composition of dividend paid out of net distributable income and capital for the last 12 months (if any) are available from the Hong Kong Representative on request and also on the fund’s website: https://www.fidelityinternational.com/legal/documents/FF/HK-zh_en/fdpc.ff.HK-zh_en.HK.pdf*.




21

1

THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.

IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.

Important: Target Notice of Fidelity Funds – Fidelity Target™ 2020 Fund

31 Dece m 31 Dec

11 December 2020

Dear Shareholder, We would like to inform you that Fidelity Funds – Fidelity Target™ 2020 Fund (the “Fund”) will be reaching its target date (as set out in the Fidelity prospectus for Hong Kong investors of Fidelity Funds) on 31 December 2020. Our records show that you are a shareholder in the Fund (the “Shareholders” or “you”). For more information on the impacted class of Shares and the corresponding ISIN Code, please refer to the Appendix of this letter. Any terms not defined herein shall have the same meaning as in the Fidelity prospectus for Hong Kong Investors of Fidelity Funds (“Prospectus”). There are three options available to you as a Shareholder:

1. Leave your money in the Fund. The Fund will continue to remain open after 31 December 2020 to allow you to withdraw your money according to your own timetable. The period of time the Fund will remain open will be dependent on asset levels and an appropriate notice of closure will be given.

2. Reinvest your money, free from any switching charges for a period of 6 months from the mailing date1, into any other fund of Fidelity Funds available in your jurisdiction.

3. Sell your investment in the Fund.

1 Different procedures and/or cut-off times may apply if dealing in Shares is made through distributors. Please note that some distributors or other intermediaries may charge additional fees (such as switching or transaction fees) or expenses at their own discretion. For further information on these, please contact your financial adviser or your usual contact at the distributor / intermediary whom you transact with.

Key Facts

Fidelity Funds – Fidelity Target™ 2020 Fund (the “Fund”) will be reaching its

target date on 31 December 2020. We will not be making any changes to the Fund which will remain open

subsequent to the target end date.

Shareholder Choices

Leave your money in the Fund. The Fund will continue to remain open after 31 December 2020 to allow you to withdraw your money. The period of time the Fund will remain open will be dependent on asset levels and an appropriate notice of closure will be given.

Reinvest your money, free from any switching charges for a period of 6 months from the mailing date, into any other fund of Fidelity Funds available in your jurisdiction.

Sell your investment in the Fund.

Fidelity Funds Société d’Investissement à Capital Variable 2a rue Albert Borschette, L-1246 B.P. 2174, L-1021 Luxembourg R.C.S. Luxembourg B 34036 Tél: +352 250 404 (1) Fax: +352 26 38 39 38

2

In accordance with the Fund’s investment objective, the asset allocation will become increasingly conservative as the target date is approached. Upon reaching the target date, the Fund will continue to be managed in accordance with its stated investment objective and policy (as defined in the Prospectus). As from 1 January 2021 we will lower the annual management fee to a maximum of 40bps for the Class A Shares. The Board accepts full responsibility for the accuracy of the content of this letter and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement herein misleading. If you have any questions regarding this, or if you would like to request for a copy of the current Prospectus, the Product Key Facts Statement of the Fund, the Articles of Incorporation (available for inspection free of charge at all times during normal office hours), the latest audited annual report and accounts and unaudited semi-annual report and accounts of Fidelity Funds (which is also available at www.fidelity.com.hk2) or other material agreements relating to Fidelity Funds, please contact your usual Financial Adviser or the Fidelity Investor Hotline3 at +852 2629 2629, or you can write to the Hong Kong Representative at Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong. Yours faithfully,

Nishith Gandhi Permanent Representative of FIL (Luxembourg) S.A. Corporate Director, Fidelity Funds

2 This website has not been reviewed by the SFC. 3 International Toll-free Number +800 2323 1122, available to calls from Australia, Canada, Japan, South Korea,

Malaysia, New Zealand, the Philippines, Singapore, Taiwan, Thailand and USA. The “+“ sign represents the International Access Prefix. China Toll-free Number: 4001 200632. Service may not be available for certain mobile carriers; call may incur charges imposed by the service providers. The Fidelity Investor Hotline is available from 9am to 6pm, Monday to Friday (except Hong Kong public holidays).

Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

3

Appendix - List of ISIN Code and Annual Management Fee

# In addition to the management fee, an asset allocation fee of up to 0.30% is levied on the fund.

Class of Shares ISIN Code Annual Management

Fee as per the Prospectus

Fidelity Funds - Fidelity Target™ 2020 Fund A-USD LU0147748072 Up to 1.5%#

1

Fidelity FundsSociété d’Investissement à Capital Variable 2a rue Albert Borschette, L-1246B.P. 2174, L-1021 LuxembourgR.C.S. Luxembourg B 34036

Tél: +352 250 404 1Fax: +352 26 38 39 38

THIS LETTER IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION.IF IN DOUBT, PLEASE SEEK PROFESSIONAL ADVICE.

16 November 2020

Dear Shareholder,

We are writing to you as a holder of Shares in one or more funds of Fidelity Funds (each a “Fund” and collectively, the “Funds”).

As part of the ongoing process whereby Fidelity International (“FIL”) regularly reviews its range of funds, we are hereby notifying you of the following amendments to the Fidelity Prospectus for Hong Kong investors (the “Prospectus”).

Any terms not defined herein shall have the same meaning as in the Prospectus.

Description of the Changes

For full details of the changes below, including the dates on when these changes will be effective, your options and associated dealing timelines, please refer to Appendix I: Details of Changes to Fidelity Funds (“Appendix I”) which will also be available on FIL’s website (https://www.fidelity.com.hk/en/insights-and-updates/fund-announcements1). This letter and Appendix I are collectively referred to as the “Notice”.

I. Repurpose of certain Funds

The changes are designed to evolve FIL’s product line up to meet changing client needs and aim to provide clients with superior outcomes.

The main characteristics of the following Funds (the “Repurposed Funds”) will be changed, generally also leading to a new name of the Repurposed Fund:

Current name New name

Fidelity Funds – Asia Focus Fund Fidelity Funds – Sustainable Asia Equity Fund

Fidelity Funds – China Opportunities Fund Fidelity Funds – China Innovation Fund

Fidelity Funds – International Fund Fidelity Funds – Global Thematic Opportunities Fund

Fidelity Funds – Japan Fund Fidelity Funds – Sustainable Japan Equity Fund

Fidelity Funds – Global Infrastructure Fund Fidelity Funds – Global Dividend Plus Fund

Fidelity Funds – SMART Global Moderate Fund Fidelity Funds – Global Multi Asset Dynamic Fund

The changes will vary for each individual Fund, but may include the Fund name, investment objective, fund risk profile or other relevant fund characteristics. Please refer to Appendix I for further details of the changes.

The reference currency for the Fidelity Funds - Global Infrastructure Fund will be changed.

Save and except for the changes disclosed in this Notice, there will be no other change in the operation and/or manner in which the Repurposed Funds are being managed in practice.

Further, there will be no change in the fee level of the Repurposed Funds following the implementation of these changes.

In certain cases, a period of time after the effective date may be required to align the portfolio to the updated investment objective of the Repurposed Fund (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period (as disclosed in Appendix I) will be borne by each of the Repurposed Funds and will be capped at 0.2% of the relevant Repurpose Fund’s Net Asset Value. If the actual transaction costs of a Repurposed Fund during the Rebalancing Period exceed 0.2% of its Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group). For further details, please refer to Appendix I.

1 This website has not been reviewed by the Securities and Futures Commission (“SFC”) in Hong Kong.

https://www.fidelity.com.hk/en/insights-and-updates/fund-announcements

2

II. Amendments to the investment objectives regarding investment in hybrids and contingent convertible bonds (“CoCos”) for certain Funds

The investment objective of each of the following Funds will be updated in relation to investments in hybrids and CoCos.

Fidelity Funds – Asia Pacific Strategic Income FundFidelity Funds – Asian Bond FundFidelity Funds – Asian High Yield FundFidelity Funds – China High Yield FundFidelity Funds – Emerging Market Corporate Debt FundFidelity Funds – Emerging Market Debt FundFidelity Funds – Euro Bond FundFidelity Funds – Euro Corporate Bond FundFidelity Funds – Euro Short Term Bond Fund

Fidelity Funds – European High Yield FundFidelity Funds – European Multi Asset Income FundFidelity Funds – Flexible Bond FundFidelity Funds – Global Income FundFidelity Funds – Global Multi Asset Income FundFidelity Funds – Greater China Multi Asset Growth & Income FundFidelity Funds – Growth & Income Fund (to be renamed Fidelity Funds – Multi Asset Income Fund)

III. Amendment to the limits related to onshore China investments for certain Funds

The notes to the investment objective of each of the following Funds will be updated to reflect amended restrictions applicable to investment in Onshore Chinese Securities in order to meet changing client needs and aim to provide clients with superior outcomes.

Following such update, the direct and/or aggregate direct and indirect exposures to Onshore Chinese Securities of the Funds listed in the table below will change (further details as disclosed in Appendix I).

(a ) Funds which will remove the limit of their direct exposure to Onshore Chinese Securities, but their aggregate direct and indirect exposure will remain unchanged:

Fidelity Funds – Asia Pacific Opportunities Fund

Fidelity Funds – Emerging Market Corporate Debt Fund

Fidelity Funds – Emerging Markets Focus Fund

Fidelity Funds – FIRST All Country World Fund

Fidelity Funds – Institutional Emerging Markets Equity Fund

(b) Funds which will increase their direct exposure to Onshore Chinese Securities, but their aggregate direct and indirect exposure will remain unchanged:

Fidelity Funds – Asian High Yield Fund

Fidelity Funds – Asian Special Situations Fund

Fidelity Funds – Emerging Asia Fund

Fidelity Funds – Emerging Market Debt Fund

Fidelity Funds – Emerging Markets Fund

Fidelity Funds – Global Bond Fund

Fidelity Funds – Global Income Fund

Fidelity Funds – Global Short Duration Income Fund

Fidelity Funds – Pacific Fund

Fidelity Funds – Sustainable Strategic Bond Fund

(c) Funds which will remove their limit on direct exposure and increase their aggregate direct and indirect exposure to Onshore Chinese Securities:

Fidelity Funds – Asia Pacific Strategic Income Fund*

Fidelity Funds – China High Yield Fund*

Fidelity Funds – Greater China Multi Asset Growth & Income Fund*

(d) Funds which will increase their direct exposure and their aggregate direct and indirect exposure to Onshore Chinese Securities:

Fidelity Funds – China Consumer Fund*

Fidelity Funds – China Focus Fund*

Fidelity Funds – Greater China Fund*

* The aggregate maximum exposure (including direct and indirect exposure) of these Funds in Onshore Chinese Securities will increase.

Save and except the changes disclosed in this Notice, there will be no other change in the operation and/or manner in which the Funds are being managed in practice.

Further, there will be no change in the fee level in managing the Funds following the implementation of the changes.

IV. Amendment to the global exposure calculation method for certain FundsThe global exposure calculation methodology of Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund will change from the commitment approach to the absolute value-at-risk approach. As a consequence, the net derivative exposure of these two Funds will be changed from “up to 100% of the Fund’s Net Asset Value” to “may be more than 100% of the Funds’ Net Asset Value”. The two Funds will be subject to an additional risk factor, namely High Leverage, and higher risks relating to the use derivatives. Please refer to Appendix I for further details.

V. Capital Investment Entrant Scheme (“CIES”) deregistrationCurrently, Fidelity Funds – China Opportunities Fund is registered as an eligible collective investment scheme (“CIS”) under the CIES by the Immigration Department of Hong Kong (“Immigration Department”). Pursuant to the repurpose of Fidelity Funds – China Opportunities Fund into Fidelity Funds – China Innovation Fund, an application has been submitted to the Immigration Department to remove Fidelity Funds – China Opportunities Fund from the list of eligible CISs under the CIES.

3

VI. Change of name of a Fund

Fidelity Funds – Growth & Income Fund will be renamed Fidelity Funds – Multi Asset Income Fund.

VII. Inclusion of and changes to benchmarks

The investment objectives of certain Funds will be enhanced to include a benchmark index.

Fidelity Funds - US Dollar Bond Fund will change its index as follows:

From To

ICE BofAML US Large Cap Corporate & Government Index ICE BofA Q4AR Custom Index (a custom USD Aggregate Bond index)

VIII. Enhancement of disclosures relating to the collateral requirements for securities lending on bonds

The Prospectus will be enhanced to disclose that in respect to securities lending transactions, bonds (in addition to equity stocks) can be subject to securities lending transactions.

IX. Delegation to Geode Capital Management, LLC (“Geode”)

In addition to the Funds listed in Part IV of the Prospectus, Geode will be appointed to manage some of the assets of two more Funds as set out in Appendix I.

X. Changes in exposure to securities lending and repurchase and reverse repurchase agreements

(i) Expected exposure to securities lending transactions

The expected percentages of the total net assets (“TNA”) of the Funds under Fidelity Funds (other than Fidelity Funds – Australian Dollar Cash Fund, Fidelity Funds – Euro Cash Fund, Fidelity Funds – Sterling Cash Fund and Fidelity Funds – US Dollar Cash Fund) which can be used for securities lending transactions as dis-closed in the Prospectus will be amended.

(ii) Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund

In respect of Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund, the ex-pected percentages of TNA which can be used for securities lending transactions and repurchase and reverse repurchase agreements will be amended.

XI. Use of derivatives: removal of the reference to an “extensive” use of derivatives

In respect of all the Funds which investment policy previously referred to an “extensive” use of derivatives, the Prospectus will be amended such that the investment policy describes each Fund’s use of financial derivative instruments without reference to such extensiveness.

Please note that this amendment does not entail any change in the portfolio management of the relevant Fund and is merely driven by updates to the Hong Kong disclosure requirements.

XII. Investments in Loans: removal of possibility to directly invest in loans

In respect of all the Funds which allow direct investments in loans, the Prospectus will be amended such that this investment flexibility will be removed, in accordance with the provisions of the CSSF FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment (version 9, last updated on 7 August 2020).

Please note that all Funds with residual direct exposure to loans will be clearly marked in the Prospectus. Such disclosures will be updated or removed in due course once those exposures have been disposed of.

XIII. Addition of “Sustainable Investment Approach” section in the Prospectus

The Prospectus will be enhanced to include a new Section 1.3 “Sustainable Investment Approach”. All subsequent sections in the Prospectus will be re-numbered and cross-references updated accordingly.

XIV. Miscellaneous updates / amendments

Other miscellaneous updates and amendments will be made to the Prospectus. Details of such updates and amendments are set out in Appendix I.

****

The effective date of each of the changes in Sections I to VI and the change of index of Fidelity Funds – US Dollar Bond Fund above is set out in Appendix I and both this letter and Appendix I are available on Fidelity’s website (www.fidelity.com.hk2). Please also refer to Appendix I for full details on the choices which are available to you as a Shareholder.

* * *

2 This website has not been reviewed by the SFC.

www.fidelity.com.hk

4

Impact

The existing Shareholders’ rights or interests will not be materially prejudiced as a result of the changes outlined in this Notice. The Board believes that the changes are in the best interests of the Shareholders.

Costs

The administrative expenses triggered by the above-mentioned changes, including any legal, audit, mailing and regulatory charges, will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).

Shareholder Choices

The options available to you as a Shareholder in respect of each particular change set out above are set out in Appendix I.

The Board accepts full responsibility for the accuracy of the content of this Notice and confirms, having made all reasonable enquiries, that to the best of its knowledge and belief there are no other facts the omission of which would make any statement herein misleading.

The changes outlined above will be reflected in the next update to the Prospectus and the Product Key Facts Statement (“KFS”) of the Funds.

We would like to thank you for your investment, and we look forward to helping you with future requests.

If you have any questions related to the changes above, or if you would like to request for a copy of the current Prospectus, the KFS, the Articles of Incorporation (available for inspection free of charge at all times during nor-mal office hours), the latest audited annual report and accounts and unaudited semi-annual report and accounts of Fidelity Funds (which is also available at www.fidelity.com.hk3) or other material agreements relating to Fidelity Funds, please contact your usual Financial Adviser or the Fidelity Investor Hotline4 at +852 2629 2629, or you can write to the Hong Kong Representative at Level 21, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong.

Yours faithfully,

Nishith Gandhi

Permanent Representative of FIL (Luxembourg) S.A.

Corporate Director, Fidelity Funds

3 This website has not been reviewed by the SFC.4 International Toll-free Number +800 2323 1122, available to calls from Australia, Canada, Japan, South Korea, Malaysia, New Zealand,

the Philippines, Singapore, Taiwan, Thailand and USA. The “+ “sign represents the International Access Prefix. China Toll-free Number: 4001 200632. Service may not be available for certain mobile carriers; call may incur charges imposed by the service providers. The Fidelity Investor Hotline is available from 9am to 6pm, Monday to Friday (except Hong Kong public holidays).

Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

www.fidelity.com.hk

Appendix I: Details of Changes to Fidelity Fundsrelated to the notice to Shareholders issued on 16 November 2020

Fidelity FundsSociété d’Investissement à Capital Variable 2a rue Albert Borschette, L-1246B.P. 2174, L-1021 LuxembourgR.C.S. Luxembourg B 34036

Tél: +352 250 404 1Fax: +352 26 38 39 38

Appendix I: Details of Changes to Fidelity Funds

Contents1. REPURPOSES 1

1.1 Fidelity Funds – Asia Focus Fund 2

1.2 Fidelity Funds – China Opportunities Fund 5

1.3 Fidelity Funds – International Fund 9

1.4 Fidelity Funds – Japan Fund 11

1.5 Fidelity Funds – Global Infrastructure Fund 14

1.6 Fidelity Funds – SMART Global Moderate Fund 17

2. OTHER FUND AMENDMENTS SUBJECT TO A NOTICE PERIOD 21

1. Amendments to the Investment Objectives regarding Investment in Hybrids and Contingent Convertible Bonds (“CoCos”) for certain Funds 21

a. Details of the Amendments 21

b. Implications to the Funds 21

c. Effective Date & Dealing Deadlines 21

2. Amendments to the Limits related to Onshore China Investments for Certain Funds 22




3. Change in Global Exposure Calculation Method for Certain Funds 24




4. Capital Investment Entrant Scheme (“CIES”) deregistration 26

a. Removal from the CIES 26

b. Impact on Existing CIES Investors 26

c. Action required for Existing CIES Investors who would like to remain qualified under the CIES 26

3. OTHER FUND AMENDMENTS NOT SUBJECT TO A NOTICE PERIOD 27

1. Change of name of a Fund 27

2. Inclusion of and changes to benchmarks 27

3. Enhancement of disclosures relating to the collateral requirements for securities lending on bonds 32

4. Delegation to Geode Capital Management, LLC (“Geode”) 32

5. Changes in expected exposure to securities lending transactions and repurchase and reverse repurchase agreements 33

6. Use of derivatives: removal of the reference to an “extensive” use of derivatives 33

7. Investments in Loans: removal of possibility to directly invest in loans 33

8. Addition of “Sustainable Investment Approach” section in the Prospectus 34

9. Miscellaneous updates / amendments 34

This Appendix is referred to in a letter you will have received as a Shareholder in at least one of the Funds listed on the following pages.

The effective date of each of the changes described in this Appendix is set out below.

Appendix I: Details of Changes to Fidelity Funds

1Appendix I: Details of Changes to Fidelity Funds

1. REPURPOSES

Detailed Comparison between the Current and Repurposed Funds

The following pages show the main changes between the current and Repurposed Funds.

For the full characteristics of the Repurposed Funds, please consult the Prospectus.

Shareholder Choices

For each of the repurposes described in this section, there are three options available to you as a Shareholder of a Repurposed Fund:

1. You may take no action, in which case your investment in the relevant Fund will continue after the Effective Date, or

2. You may switch your existing Shares in the relevant Fund into Shares of any other sub-fund of Fidelity Funds available to you, free of charge, or

3. You may redeem your existing Shares in the relevant Fund, free of charge.

If you wish to switch or redeem your Shares in the relevant Fund, you should contact your Financial Adviser or your usual contact at FIL.

You may switch or redeem your Shares on any Valuation Date until the time and date referred to under the section entitled “Dealing Request Deadline” for each Repurposed Fund. Redemption proceeds will normally be issued to you by electronic bank transfer. FIL will not charge any redemption fee or levy or any switching fee if the instruction is received in accordance with the conditions set forth above. For the avoidance of doubt, you may redeem or switch your existing Shares in the relevant Repurposed Fund, free of charge, for at least one month prior to the relevant rebalancing period for each Repurposed Fund as set out under the section entitled “Dealing Request Deadline” (also summarised in the table below).

Please note that the redemption or switching of your holding may be deemed as a disposal for tax purposes. If you have any concerns about your tax position, we recommend that you seek independent tax advice.

Repurposed Funds Free Switching / Redemption Period Rebalancing period

Fidelity Funds – Asia Focus Fund (to be renamed as Fidelity Funds – Sustainable Asia Equity Fund)

The period from the date of this Notice until the last Valuation Date prior to the Effective Date (i.e. 23 February 2021)

Up to two (2) Business Days immediately after the Effective Date

Fidelity Funds – China Opportunities Fund (to be renamed as Fidelity Funds – China Innovation Fund)

The period from the date of this Notice until the last Valuation Date prior to the Effective Date (i.e. 23 February 2021)

Up to five (5) Business Days immediately after the Effective Date

Fidelity Funds – International Fund (to be renamed as Fidelity Funds – Global Thematic Opportunities Fund)

The period from the date of this Notice until the last Valuation Date prior to the Effective Date (i.e. 9 March 2021)

Up to fifteen (15) Business Days immediately after the Effective Date

Fidelity Funds – Japan Fund (to be renamed as Fidelity Funds – Sustainable Japan Equity Fund)


Up to seven (7) Business Days immediately after the Effective Date

Fidelity Funds – Global Infrastructure Fund (to be renamed as Fidelity Funds – Global Dividend Plus Fund)

The period from the date of this Notice until the last Valuation Date prior to the Effective Date (i.e. 16 April 2021)

Up to five (5) Business Days immediately after the Effective Date

Fidelity Funds – SMART Global Moderate Fund (to be renamed as Fidelity Funds – Global Multi Asset Dynamic Fund)


Up to fifteen (15) Business Days immediately after the Effective Date


1.1 Fidelity Funds – Asia Focus Fund

Effective Date: 24 February 2021 or such later date as may be determined by the Board. If the Effective Date is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund will change its investment objective from principally (i.e. at least 70% (and normally 75%) of the fund’s assets) investing in equity securities quoted on stock exchanges in Asia excluding Japan to achieving long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund’s assets) made up of equity securities of companies that are listed in, incorporated or have their domicile in, or exercise a majority of their activity in Asia excluding Japan.

The fund will also be repurposed to become a sustainable fund, where it will adopt a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics.

The notes to the investment objective will be amended to clarify that fund’s investment in the Asia excluding Japan region may include emerging markets such as Vietnam and Sri Lanka.

The current limit of the fund’s direct investment in China A and B Shares (i.e. up to 10% of its net assets) will be removed and the fund may invest less than 30% of its net assets directly and/or indirectly in onshore China A and B Shares on an aggregated basis. For the avoidance of doubt, there is no change in the aggregate limit of the fund’s direct and indirect investment in China A and B Shares (i.e. less than 30% of its net assets).

There is no change in the benchmark, but the name of the benchmark will be updated to MSCI AC Asia ex Japan Index. Currently, the benchmark is used for selecting investments and for the purposes of monitoring risk, but after repurpose, the benchmark will only be used for monitoring risk. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.

As a result of the repurpose, the fund will be subject to the following additional risks:

“Stock/Issuer Concentration” risk including risk of concentration of the fund’s investment in a relatively small number of investments or issuers. The fund may experience a more volatile Net Asset Value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.

“Sustainable Investing” risk including the risk of the fund having to forego opportunities due to its sustainable characteristics, a lack of standardised taxonomy of ESG evaluation methodology, the fund may be subject to style drift which no longer meet the fund’s ESG criteria after its investments, and risk that the relevant sustainable characteristics may not be applied correctly due to the Investment Manager’s subjective judgment in investment selection.

For further details on the additional risk factors, please refer to the Prospectus.

From:Fidelity Funds – Asia Focus Fund

To:Fidelity Funds – Sustainable Asia Equity Fund

Investment Objective

The fund invests principally in equity securities quoted on stock exchanges in Asia excluding Japan. This region includes certain countries considered to be emerging markets. The fund may invest its net assets directly in China A and B Shares.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI All Country Asia ex-Japan (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will

The fund aims to achieve long-term capital growth from a portfolio primarily made up of equity securities issued by companies that are listed in, incorporated or have their domicile in, or exercise a majority of their activity in Asia excluding Japan.

The fund adopts a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics. Sustainable characteristics may include but are not limited to effective governance and superior management of environmental and social issues (‘ESG’), and an issuer is deemed to maintain this, if it has an ESG rating which is above the minimum ESG rating threshold determined by the Investment Manager from time to time. The Investment Manager will determine the



invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.

minimum ESG rating threshold and assess the ratings of securities and their issuers based on quantitative and qualitative assessments of their sustainability characteristics.

“Quantitative assessments” will be by reference to ESG ratings from external providers including but not limited to MSCI, or an internal rating assigned by the Investment Manager using primarily Fidelity Sustainability Ratings, relevant data in third-party certificates or labels, assessment reports on carbon footprints, and percentage of revenue or profits of the issuers generated from ESG-relevant activities. Fidelity Sustainability Ratings is a proprietary rating system created by Fidelity’s research analysts which scores issuers on an A-E scale and trajectory forecast based on fundamental bottom-up research and materiality assessment using criteria specific to the industry of each company.







The largest ten securities held in the fund’s portfolio may account for 50% or more of the fund’s Net Asset Value, resulting in a reasonably concentrated portfolio.

The fund may invest its net assets directly in China A and B Shares.

The fund is actively managed. The Investment Manager will, for the purposes of monitoring risk, reference MSCI AC Asia ex Japan Index (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in companies, countries or sectors that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.


Investment Objective (notes)

Reference Ccy: USD

The fund invests in Asia excluding Japan and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

The fund can directly invest in China A Shares through the QFII quota of FIL Investment Management (Hong Kong) Limited and/or through any permissible means available to the fund under prevailing laws and regulations (including through the Stock Connect or any other eligible means).

The fund may invest up to 10% of its net assets directly in China A and B Shares (with aggregate exposure including direct and indirect investments being less than 30% of its assets).

Reference Ccy: USD

The fund invests in Asia excluding Japan and may invest in different countries in this region, which may include emerging markets such as Vietnam and Sri Lanka. It is unconstrained in the amount that it may invest in any country in this region.

The fund can directly invest in China A Shares through the QFII status of FIL Investment Management (Hong Kong) Limited and/or through any permissible means available to the fund under prevailing laws and regulations (including through the Stock Connect or any other eligible means).

The fund will invest less than 30% of its net assets directly and/or indirectly in onshore China A and B Shares on an aggregated basis.

Risk Factors

Equities; Emerging Markets; General China Related Risk; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending

Equities; Stock/Issuer Concentration; Emerging Markets; General China Related Risk (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”) ; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending; Sustainable Investing.

Note: As a result of the change in the fund’s investment objective, the additional risks highlighted in bold above will apply.



Dealing Request Deadline

You may redeem or switch out your Shares free of charge on any Valuation Date from the date of this Notice until your usual dealing cut-off time OR 5:00 pm Hong Kong time1 on the last Valuation Date prior to the Effective Date (“Dealing Request Deadline”), and the next calculated Net Asset Value per Share will apply. This period of free redemption or switch out prior to the Effective Date will be at least one month after the date of this Notice. For the avoidance of doubt, you may still redeem or switch out your Shares at any time after the Dealing Request Deadline in accordance with the redemption or switching procedures, as the case may be, as set out in the Prospectus.

To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to two (2) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebal-ancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).

1.2 Fidelity Funds – China Opportunities Fund

Effective Date: 24 February 2021 or such later date as may be determined by the Board. If the Effective

Date is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund’s investment objective will change from investing primarily (i.e. at least 70% of the fund’s assets) in securities of companies having their head office or exercising a predominant part of their activities in China or Hong Kong to investment in equity securities of companies that are listed in, or have their registered office in, or exercise a majority of their activity in the Greater China region, which includes Hong Kong, China, Taiwan and Macau.

The fund will be repurposed as an innovation theme fund whereby the fund’s investments will be linked to the theme of innovation, such as technology innovation, lifestyle innovation and environmental innovation. See below for further details.

Currently, the fund will not directly and indirectly invest more than 10% of its Net Asset Value in China A Share and B Share markets on an aggregated basis. The limit of the fund’s direct and indirect investment in China A Share and B Share markets will be increased in that the fund may invest up to 100% of its net assets directly and/or indirectly in onshore China A and B Shares on an aggregated basis. Further, the fund may invest up to 100% of its Net Asset Value directly in China A Shares listed on the ChiNext market, the SME board or the STAR Board, on an aggregate basis.

In view of the increase in the limit of the fund’s investment in China A Shares, enhancement of disclosures will be made on the fund’s investment in China A Shares including the means of direct and indirect investment in China A Shares, the proportion of the fund’s net assets which may be invested in (i) China A Shares through the QFII status, and (ii) China A Shares listed on the ChiNext market, the SME board or the STAR Board, on an aggregate basis.

Prior to repurpose, the investment objective of the fund will be enhanced to include reference to the MSCI Zhong Hua Capped 10% index, which is referenced when selecting investments for the fund and for the purposes of monitoring risk. After repurpose, the benchmark will be changed to the MSCI China All Share Index but there will be no change in the use of the benchmark. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.

As a result of the repurpose, the fund will be subject to following additional risks:

“Sector Concentration / Thematic Focus” risks including risk of investment in a small number of sectors resulting in greater exposures to the market, liquidity, tax, legal, regulatory, and economic risks of those sectors, lower liquidity of the fund’s assets and/or a higher volatility of the Net Asset Value. Due to the fund’s concentration on the technology and innovation sectors which are subject to rapid and significant changes in technology and innovation, the timely and successful introduction of new products will affect the success of companies in these sectors and hence the value of investments in these sectors can be adversely affected by the failure and delays in obtaining financing or regulatory approval, intense competition with numerous alternative technologies, product incompatibility, mismatched consumer preferences and the rapid obsolescence and research and development of new products.




“Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)” including:

“Higher fluctuation on stock prices and liquidity risk” - listed companies on the SME board, ChiNext market and/or STAR Board are usually of emerging nature with smaller operating scale. In particular, listed companies on ChiNext market and STAR Board are subject to wider price fluctuation limits, and due to higher entry thresholds for investors may have limited liquidity, compared to other boards. Hence, companies listed on these boards are subject to higher fluctuation in stock prices and liquidity risks and have higher risks and turnover ratios than companies listed on the main board.

“Overvaluation Risk” - stocks listed on SME board, ChiNext and/or STAR Board may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares.

“Differences in regulation” - the rules and regulations regarding companies listed on the ChiNext market and STAR Board are less stringent in terms of profitability and share capital than those in the main board and SME board.

“Delisting risk” - it may be more common and faster for companies listed on the SME board, ChiNext market and/or STAR Board to delist. In particular, ChiNext market and STAR Board have stricter criteria for delisting compared to other boards. This may have an adverse impact on the fund if the companies that it invests in are delisted.

“Concentration risk” - STAR Board is a newly established board and may have a limited number of listed companies during the initial stage. Investments in STAR Board may be concentrated in a small number of stocks and subject the fund to higher concentration risk.

Investments in the SME board, the ChiNext market and/or STAR Board may result in significant losses for the fund and its investor.

The fund will also be subject to an increase risks associated with investments in China, in particular “General China Related Risk” (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect” and “Mainland China Tax Risk”):

“Chinese Renminbi Currency and Conversion Risks” - Renminbi (“RMB”) is not freely convertible and is subject to exchange controls and certain restrictions. There is no guarantee that the value of RMB against the investors’ base currencies will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the fund.

“China Assets” risk - the uncertainty and change of the relevant laws and regulations in the PRC and the potential for the PRC government and/or the regulators to implement political, social and economic policies that may affect the financial markets may have an adverse impact on the fund.

“QFII” risk - the fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and requirements on repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect. The fund may suffer substantial losses if the approval of the QFII status is being revoked/terminated or otherwise invalidated as the fund may be required to dispose of its securities holdings or prohibited from trading of relevant securities and repatriation of the fund’s monies, or if any of the key operators or parties (including QFII custodians/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).

“Stock Connect” risk – the relevant rules and regulations on the Stock Connect are subject to change which may have potential retrospective effect. Investment via Stock Connect is also subject to risks of quota limitations, suspension risk, operational risk, restrictions on selling imposed by front-end monitoring, recalling of eligible stocks, clearing and settlement risks, nominee arrangements in holding China A Shares and regulatory risk. Where a suspension in the trading through the programme is effected, the fund’s ability to invest in China A Shares or access the PRC market through the programme will be adversely affected. In such event, the fund’s ability to achieve its investment objective could be negatively affected.

“Mainland China Tax Risk” - risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via QFII status or Stock Connect or access products on the fund’s investments in the PRC (which may have retrospective effect). Any Increased tax liabilities on the fund may adversely affect the fund’s value.

For further details on the risk factors, please refer to the Prospectus.



From:Fidelity Funds – China Opportunities Fund

To:Fidelity Funds – China Innovation Fund


The fund aims to achieve long-term capital growth through investing primarily in securities of companies having their head office or exercising a predominant part of their activities in China or Hong Kong. China is considered to be an emerging market.

The fund aims to achieve long-term capital growth primarily through investments in equity securities of companies that are listed in, or have their registered office in, or currently exercise, or are expected to exercise, a majority of their activity in the Greater China region, which includes Hong Kong, China, Taiwan and Macau. This region includes certain countries considered to be emerging markets. Investments will be linked to the theme of innovation, such as technology innovation, lifestyle innovation and environmental innovation.

The investment focus under the technology innovation theme includes, but is not limited to, artificial intelligence and digitization (i.e. technology of converting information into a digital form so as to optimize business processes, generate new revenue s t reams, expand market opportunities and increase productivity); automation and robotics and future mobility (i.e. technology and business model on driving, transport and travelling). The lifestyle innovation is based around transforming and improving lives through innovative solutions through health, wealth and education. Under the environmental innovation, focus will be on the development and application of products and processes that contribute to sustainable environmental protection and ecological improvements. Investments will include but are not limited to equity securities of companies that are involved in or are benefitting from the adoption of any of these themes.

The largest ten holdings/securities held in the fund’s portfolio may account for 50% or more of the fund’s Net Asset Value, resulting in a reasonably concentrated portfolio.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference MSCI China All Share Index (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.





Reference Ccy: USDThe fund invests in China and Hong Kong. The fund is unconstrained in the amount that it may invest in either Hong Kong or China.

Reference Ccy: USDThe fund can invest directly in China A Shares through the QFII status of FIL Investment Management (Hong Kong) Limited and/or through any permissible means available to the fund under prevailing laws and regulations (including through the Stock Connect or any other eligible means) or indirectly such as by way of China A share access products including, but not limited to, equity linked notes, participation notes, credit-linked notes or funds investing in China A Shares. The fund may invest up to 100% of its net assets directly and/or indirectly in onshore China A and B Shares on an aggregated basis. Less than 70% of the fund’s net assets will be invested in China A Shares through the QFII status.

The fund may invest up to 100% of its net assets directly in China A Shares listed on the ChiNext market, the SME board or the STAR Board, on an aggregate basis.

Risk Factors

Equities; Stock/Issuer Concentration; Country Concentration; Emerging Markets ; General China Related Risk ; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.

Equities; Stock/Issuer Concentration; Country Concentration; Sector Concentration / Thematic Focus (including “Technology and Innovation Sectors Risk”); Emerging Markets; General China Related Risk (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”); Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.

Note: As a result of the change in the fund’s investment objective, the additional and increased risks highlighted in bold above will apply.



To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to five (5) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebalancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).



1.3 Fidelity Funds – International Fund

Effective Date: 10 March 2021 or such later date as may be determined by the Board. If the Effective

Date is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund’s investment objective will change from investing principally (i.e. at least 70% (and normally 75%) of the fund’s assets) in equities in markets throughout the world including major markets and smaller emerging markets to aiming to achieve long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund’s assets) made up of equity securities of companies throughout the world including emerging markets.

The fund will be repurposed as a global thematic fund whereby the fund will invest in securities that may benefit from multiple long-term market themes resulting from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change.

The fund’s benchmark will be changed to the MSCI ACWI Index and references to the benchmark is for performance comparison only. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.

Currently, the fund will not directly and indirectly invest more than 10% of its Net Asset Value in China A Share and B Share markets on an aggregated basis. The limit of the fund’s direct and indirect investment in China A Share and B Share markets will be increased in that the fund will invest less than 30% of its net assets directly and/or indirectly in onshore China A and B Shares on an aggregated basis.

The fund’s investment objective will be enhanced that the fund may seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs). Note that the closed-ended REITs that the fund may invest in may not be authorised by the SFC in Hong Kong.


“Real Estate Related” risks including risks of investment in REITs which are generally less liquid and limited liquidity may affect the ability of a REIT to vary its investment portfolio or liquidate part of its assets in certain conditions.

“Eurozone Risk” including the fund’s investments being subject to higher volatility, liquidity, currency and default risks in light of the ongoing concerns on the sovereign debt risk of certain countries within the Eurozone.

“General China Related Risk” including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”.

“Thematic Focus” risk including the fund’s investments in specific themes may not achieve the desired results under all circumstances and market conditions. As the fund may invest in multiple themes, the investments may be rebalanced among different themes from time to time depending on the market conditions of the respective themes, and therefore the fund may incur greater transaction costs. Investors should note that the thematic investment approach adopted may result in the fund being more volatile than a fund which invests in more diversified types of investments.




From:Fidelity Funds – International Fund

To:Fidelity Funds – Global Thematic Opportunities Fund


The fund invests principally in equities in markets throughout the world including major markets and smaller emerging markets.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI World (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.

The fund aims to achieve long-term capital growth from a portfolio primarily made up of equity securities of companies throughout the world including emerging markets.

The fund aims to invest in multiple long-term market themes by investing in securities that may benefit from structural and/or secular (i.e. long term and not cyclical) changes in economic and social factors, such as disruptive technologies, demographics and climate change. Secular changes generally last for ten years or more and can lead to structural changes. Disruptive technologies are innovations that meaningfully change consumer, industry or company behavior. Demographic trends are long-term dynamics including those related to ageing population (including companies relating to healthcare and retirement consumption) , growth of the middle class (companies exposed to increased consumption, increasing financial services and urbanization), and population growth (including companies exposed to scarcity of resources and need for improving productivity and automation). The Investment Manager has the discretion on the choice of themes the fund invests in.

The fund is actively managed and references the MSCI ACWI Index for performance comparison only.

The Investment Manager may invest in any country and in any currency and is not restricted in its choice of companies either by size or industry.


The fund may also seek exposure of up to 20% of its net assets to closed-ended real estate investment trusts (REITs).


Reference Ccy: USD

As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.

Reference Ccy: USD


The dividend or payout policy of the underlying closed-ended REITs is not representative of the dividend or payout policy of this fund.

The fund can directly invest in China A Shares through the QFII status of FIL Investment Management (Hong Kong) Limited or through any permissible means available to the fund under prevailing laws and regulations (including through the Stock Connect or any other eligible means).




Risk Factors

Equities; Emerging Markets; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.

Equities; Real Estate Related (including Real Estate Investment Trusts (“REITs”)); Sector Concentration / Thematic Focus; Emerging Markets; Eurozone Risk; General China Related Risk (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”); Risk of Thematic-based Investment Strategy; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.




To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to fifteen (15) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebalancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).

1.4 Fidelity Funds – Japan Fund

Effective Date: 3 March 2021 or such later date as may be determined by the Board. If the Effective Date

is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund’s investment objective will be changed from investing principally in Japanese equity securities to aiming to achieve long-term capital growth from a portfolio principally (i.e. at least 70% (and normally 75%) of the fund’s assets) made up of Japanese equity securities.

The fund will be repurposed into a sustainable fund where it will adopt a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics.

As a result of the repurpose, the fund will be subject to additional risks in relation to “Sustainable Investing” including the risk of the fund having to forego opportunities due to its sustainable characteristics, a lack of standardised taxonomy of ESG evaluation methodology, the fund may be subject to style drift which no longer meet the fund’s ESG criteria after its investments, and risk that the relevant sustainable characteristics may not be applied correctly due to the Investment Manager’s subjective judgment in investment selection. For further details on the additional risk factors, please refer to the Prospectus.




The investment objective of the fund will be enhanced to include reference to the TOPIX Total Return Index, which is referenced when selecting investments for the fund and for the purposes of monitoring risk. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.

From:Fidelity Funds – Japan Fund

To:Fidelity Funds – Sustainable Japan Equity Fund


The fund invests principally in Japanese equity securities. The fund aims to achieve long-term capital growth from a portfolio principally made up of Japanese equity securities.

The fund adopts a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics. Sustainable characteristics may include but are not limited to effective governance and superior management of environmental and social issues (‘ESG’), and an issuer is deemed to maintain this, if it has an ESG rating which is above the minimum ESG rating threshold determined by the Investment Manager from time to time. The Investment Manager will determine the minimum ESG rating threshold and assess the ratings of securities and their issuers based on quantitative and qualitative assessments of their sustainability characteristics.

“Quantitative assessments” will be by reference to ESG ratings from external providers including but not limited to MSCI, or an internal rating assigned by the Investment Manager using primarily Fidelity Sustainability Ratings, relevant data in third-party certificates or labels, assessment reports on carbon footprints, and percentage of revenue or profits of the issuers generated from ESG-relevant activities. Fidelity Sustainability Ratings is a proprietary rating system created by Fidelity’s research analysts which scores issuers on an A-E scale and trajectory forecast based on fundamental bottom-up research and materiality assessment using criteria specific to the industry of each company.




The fund adheres to a principles-based exclusion framework which sets out the basis upon which certain issuers are excluded from the permissible investment universe. The framework incorporates both norms-based screening and negative screening of certain sectors, companies or practices based on specific ESG criteria to be determined by the Investment Manager from time to time. The norms-based screening includes issuers which fail to behave in a way which meets their fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption as set out by the Ten Principles of the United Nations Global Compact.



The negative screening includes issuers within certain single product categories or industries which are fundamentally unsustainable or are associated with significant risks or liabilities from societal, environmental or health related harm. As an illustrative example, manufacturers of controversial weapons (e.g. land mines, nuclear weapons) are excluded from the investment universe of the fund under this framework. The current exclusion criteria may be updated from time to time. To apply this exclusion, the Investment Manager may use data provided by internal research teams as well as various external ESG data, tools and research providers.

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference TOPIX Total Return Index (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.




N/A

Risk Factors

Equ i t i e s ; S tock/ I s sue r Concen t ra t ion ; Coun t r y Concentration; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.

Equities; Country Concentration; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Sustainable Investing; Securities Lending.

Note: As a result of the change in the fund’s investment objective, the additional risk highlighted in bold above will apply.



To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to seven (7) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebalancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).



1.5 Fidelity Funds – Global Infrastructure Fund

Effective Date: 19 April 2021 or such later date as may be determined by the Board. If the Effective Date

is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund’s investment objective will change from aiming to provide investor with income and long-term capital growth, principally through investment in the equity securities of companies throughout the world, selected from a universe of infrastructure sectors to aiming to achieve income with the potential for some capital growth, investing at least 70% of net assets directly in equity securities of companies globally. The Investment Manager will target investments which it believes offer attractive dividend yields in addition to price appreciation.

Apart from investing directly in equity securities, the fund will achieve exposure indirectly through the use of derivatives after the change in investment objective. To enhance the income of the fund, derivatives may be used to generate additional income. As a result, there will be an increased use of derivatives but the net derivative exposure will remain up to 50% of its Net Asset Value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.

The limit of the fund’s direct or indirect investment in China A Shares and B Shares will increase from 10% of its Net Asset Value on an aggregated basis to less than 30% of its net assets on an aggregated basis.

The investment objective of the fund will be enhanced to include reference to the MSCI ACWI Index. The benchmark constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its benchmark. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.

The reference currency will change from Euro to USD (as set out in the section headed “Investment Objective (notes)” below) in view that the largest component of the fund’s underlying investments will be denominated in USD. There will be no change to the Class A-MINCOME(G)-USD (hedged) share class, and the Class A-MINCOME(G)-USD (hedged) will continue to be hedged to the extent of its exposure to non-USD denominated assets. For investors investing in the share class denominated in Euro and currencies other than USD, investors will be subject to the “Foreign Currency Risk”. In particular, fluctuations in the exchange rates between the currency of the class in which an investor invests and the base currency of the fund (i.e. USD) may adversely affect the investor’s investment. For further details, please refer to the Prospectus and the KFS.


“Income-producing securities” risk as the fund will invest in income-producing securities. Investors should note that it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be reduced potential for capital appreciation for equity securities.

“Eurozone Risk” including the fund’s investments may be subject to higher volatility, liquidity, currency and default risks in light of the ongoing concerns on the sovereign debt risk of certain countries within the Eurozone.

“General China Related Risk” including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”.




From:Fidelity Funds – Global Infrastructure Fund

To:Fidelity Funds – Global Dividend Plus Fund


The fund aims to provide investors with income and long-term capital growth, principally through investment in the equity securities of companies throughout the world, selected from a universe of infrastructure sectors including, but not limited to, telecommunications, utilities, energy, transportation and social (including educational services and healthcare facilities).

As this fund may invest globally, it may be exposed to countries considered to be emerging markets.

The fund aims to achieve income with the potential for some capital growth, investing at least 70% of net assets directly in equity securities of companies globally. The Investment Man-ager will target investments which it believes offer attractive dividend yields in addition to price appreciation.


As well as investing directly in equity securities, the fund will also achieve exposure indirectly through the use of deriva-tives. To enhance the income of the fund, derivatives may be used to generate additional income, for example, by the writing of covered call options on securities held by the fund, generating extra income in return for agreeing a strike price above which potential capital growth in a specified period is sold. The generation of additional income may impact the fund’s potential for capital growth, particularly in periods of rapidly rising markets where capital gains may be lower when compared with an equivalent uncovered portfolio.

The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of MSCI ACWI Index (the “Index”). The Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in issuers, sectors, countries and security types that have different weightings from, and may not be included in, the Index in order to take advantage of investment opportuni-ties. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.


The Investment Manager is free to select equity securities of any company and is not restricted in its discretion to tactically allocate to any particular geographical region, industry sector or companies with a particular market capi-talization if it believes that, relative to other equities, they may offer greater potential for income and capital growth.


Reference Ccy: Euro Reference Ccy: USD


The fund can directly invest in China A Shares through the QFII status of FIL Investment Management (Hong Kong) Limited and/or through any permissible means available to the fund under prevailing laws and regulations (including through the Stock Connect or any other eligible means).




Risk Factors

Equities; Stock/Issuer Concentration; Sector Concentration; Emerging Markets; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Securities Lending.

Equities; Emerging Markets; Eurozone Risk; General China Related Risk (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk” and “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)”); Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Income-producing securities; Securities Lending.




To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to five (5) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebalancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).



1.6 Fidelity Funds – SMART Global Moderate Fund

Effective Date: 10 March 2021 or such later date as may be determined by the Board. If the Effective Date is postponed, an announcement on the postponement and the revised Effective Date will be published on the respective local/country websites and a notice will be issued to Shareholders to inform them accordingly.

Key Changes

The fund’s investment objective will change from aiming to provide moderate long term capital growth to aiming to provide long term capital growth.

The fund will actively allocate to, and within, different asset classes and geographies (including emerging markets) based on their potential to generate capital growth instead of based on their potential to generate moderate capital growth or reduce risk or volatility within the overall portfolio. The limit of the fund’s investment in certain types of asset classes will be changed. For example:

investment in equities will be changed from up to 90% of the fund’s assets to up to 100% in global equities (including up to 75% emerging market equities); and

investments in bonds will be changed from up to 90% of its assets in global government bonds, global corporate bonds, inflation linked bonds and emerging market bonds (which may comprise global high yield bonds up to 30% of the fund’s assets and up to 10% in hybrid bonds) to up to 100% in fixed income securities (including up to 50% of its net assets in global investment grade bonds, up to 75% in global high yield bonds (which include below investment grade and unrated bonds), up to 75% in emerging market bonds).

The fund’s investment in hybrid bonds will be increased from up to 10% to less than 30% of the fund’s total net assets, with less than 20% of the total net assets to be invested in contingent convertible bonds. The fund’s investment in commodities and closed-ended REITs will be increased to up to 50% and 30% respectively as compared to its current exposure of less than 30% of its assets in infrastructure securities, commodities and closed-ended REITs. The types of commodities in which the fund may invest include gold, metals and oil. Any commodity exposure for this fund will be obtained through eligible instruments and derivatives such as (but not limited to) units/shares of UCITS or other UCIs, Exchange Traded Funds and commodity index swap transactions. Further, note that the closed-ended REITs that the fund may invest in may not be authorised by the SFC in Hong Kong.

The fund’s use of financial derivative instruments for investment purposes will be reduced and hence the fund’s net derivative exposure will change from more than 100% of its Net Asset Value to up to 50% of its Net Asset Value.

The fund may invest up to 15% in Russian securities and as a result, the fund will be subject to the additional risk in relation to “Russia”. Investors should be aware that the Russian market presents specific risks in relation to the settlement and safekeeping of securities as well as regarding the registration of assets where registrars are not always subject to effective government or other supervision. Russian securities are not on physical deposit with the Depositary or its local agents in Russia. Therefore, neither the Depositary nor its local agents in Russia can be considered to be performing a physical safekeeping or custody function in accordance with recognised international standards.

The fund will also be subject to increased risks in relation to “Below Investment Grade / Unrated Securities and High Yielding Debt Instruments”, “Real Estate Related” (including “Real Estate Investment Trusts (“REITs”)”) and “Commodities” as a result of the change in investment policy. For the increased risks in relation to “Commodities”, exposure to commodities involves additional risks than those resulting from more standard asset classes such as equities and may subject the fund to greater volatility than such investments. For further details on the additional risk factors, please refer to the Prospectus.

Enhancement of disclosures of the fund’s benchmarks, a composite of 75% MSCI ACWI Index; 25% Bloomberg Barclays Global Aggregate Index, which are referenced for performance comparison only. Please refer to section 3.2 of this Appendix for the interim benchmark update prior to repurpose.



From:Fidelity Funds – SMART Global Moderate Fund

To:Fidelity Funds – Global Multi Asset Dynamic Fund


The fund aims to provide moderate long term capital growth by investing in a range of global asset classes, including those located, listed or exposed to emerging markets. The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate moderate capital growth or reduce risk or volatility within the overall portfolio. The main asset classes in which the fund will invest include global government bonds, global inflation linked bonds, global corporate bonds including investment grade bonds, global high yield bonds, emerging market bonds and global equities.

The fund may invest directly and/or indirectly (including through the use of financial derivative instruments) up to 90% of its assets in equities and up to 90% of its assets in global government bonds, global corporate bonds, inflation linked bonds and emerging market bonds which may comprise global high yield bonds up to 30% of the fund’s assets and up to 10% in hybrid bonds (‘Hybrids’), that is, debt securities with equity-like features.

The Fund may also seek exposure less than 30% of its assets in infrastructure securities, commodities and eligible closed-ended real estate investment trusts (REITS) . The fund aims to manage the long term average volatility, under normal market conditions, within a range of 6 to 8% per annum. This volatility range is however not guaranteed.

Portfolio information:

The fund may make extensive use of financial derivative instruments for investment purposes or use complex financial derivative instruments or strategies to meet the investment objectives of the fund with a level of risk which is consistent with the risk profile of the fund. Financial derivative instruments may be used to create economic exposure to an asset akin to a physical holding of that asset. The types of financial derivative instruments that will be used include index, basket or single name futures options and contracts for difference referencing equities or bonds. Options used will include put and call options including covered call options. The fund will use index, basket or single credit default and total return swaps to gain exposure or reduce credit risk of issuers, interest rate swaps to actively manage the level of interest rate risk and currency derivatives to hedge or gain exposure to currencies or replicate currency exposure of the underlying securities of an equity index. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.

Hybrids may be issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as in other subordinated financial debt and preference shares. These investments include investment grade and non-investment grade assets.

In adverse market conditions the fund may hold more than 10% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills) and Money Market Funds.

The fund aims to provide long term capital growth by investing in a range of global asset classes. The fund will actively allocate to, and within, different asset classes and geographies (including emerging markets) based on their potential to generate capital growth.

The main asset classes in which the fund will invest include global investment grade bonds, global high yield bonds, global equities, commodities and closed-ended real estate investment trusts (REITs).

The fund is actively managed and references a composite of 75% MSCI ACWI Index; 25% Bloomberg Barclays Global Aggregate Index (the ‘Index‘) for performance comparison only.

The fund may invest its net assets directly in China A and B Shares and/or onshore China fixed income securities listed or traded on any Eligible Market in China

Portfolio Information:

Within the main asset classes listed above the fund may, under normal market conditions, invest up to 100% in fixed income securities (including up to 50% of its net assets in global investment grade bonds, up to 75% in global high yield bonds (which include below investment grade and unrated bonds) and up to 75% in emerging market bonds), up to 100% in global equities, (including up to 75% emerging market equities) , up to 15% in Russian securities, up to 50% in commodities, and up to 30% in closed-ended REITs.

The fund may invest in hybrids and CoCos, as well as in other subordinated financial debt and preference shares.




Reference Ccy: USD

This fund may invest up to 10% of its net assets in loans that comply with the criteria applicable to Money Market Instruments for the purposes of the Law of 2010 (within the 10% limit as set out under Part V, A. I 2. of the Prospectus).

Any commodity exposure for this fund will be obtained through eligible instruments and derivatives such as (but not limited to) units/shares of UCITS/or other UCIs, Exchange Traded Funds and commodity index swap transactions. Any property exposure will be obtained through investments in securities of companies principally engaged in the real estate industry and other real estate related investments.

Global Exposure:

The global exposure of the fund will be monitored using the absolute VaR approach, which is limited to 12%.

Leverage is determined using the sum of the notionals (expressed as a sum of positive values) of all financial derivatives instruments used. The expected level of leverage of the fund is 200% of the Net Asset Value of the fund; this is however not a limit and higher levels of leverage may occur under this approach.

Shareholders should be aware that (i) a higher level of expected leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may include leverage generated by the use of derivatives for hedging purposes.

The REITs that the fund may invest in may not be authorised by the Securities and Futures Commission in Hong Kong. The dividend or payout policy of this fund is not representative of the dividend or payout policy of the underlying REITs.

Systematic Multi Asset Risk Targeted funds use the term “SMART” in their name to highlight their use of the Fidelity proprietary Systematic Multi Asset Risk Targeted (SMART) model that seeks to maintain the overall portfolio’s volatility within a given long term target range.

The name of the fund is not indicative of the fund’s performance and return.

Reference Ccy: USD

It is understood that under the current Luxembourg regulation a fund may invest not more than 10% of its net assets in unlisted securities not dealt on a Regulated Market. Some investments in Russian securities may be considered as falling under such limit.

The fund can directly invest in China A Shares and/or onshore China fixed income securities listed or traded on any Eligible Market in China through the QFII status of FIL Investment Management (Hong Kong) Limited, the Stock Connect, the China Interbank Bond Market scheme and/or via any other permissible means available to the fund under prevailing laws and regulations.

The fund will invest less than 30% of its assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis.

“Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be.

The types of commodities in which the fund may invest include gold, metals and oil. Any commodity exposure for this fund will be obtained through eligible instruments and derivatives such as (but not limited to) units/shares of UCITS or other UCIs, Exchange Traded Funds and commodity index swap transactions.

Less than 30% of the fund’s total net assets will be invested in hybrids and CoCos, with less than 20% of the total net assets to be invested in CoCos.

The dividend or payout policy of the underlying closed-ended REITs is not representative of the dividend or payout policy of this fund.

Net Derivative Exposure

The fund’s net derivative exposure may be more than 100% of its Net Asset Value.

The fund’s net derivative exposure may be up to 50% of its Net Asset Value.

Note: As a result of the change in the fund’s investment objective, the fund’s use of financial derivative instruments for investment purposes will be reduced which will in turn result in a decrease in the fund’s maximum net derivative exposure. Further, the global exposure calculation method of the fund will be changed from absolute VAR approach to commitment approach as a result of the change in the fund’s investment objective.



Risk Factors

Equities; Bonds and other Debt Instruments; Commodities; Real Estate Related; Multi Asset; Below Investment Grade / Unrated Securities and High Yielding Debt Instruments; Emerging Markets; Eurozone Risk; General China Related Risk; Convertibles, Hybrids, Cocos and other instruments with loss absorption features; Loans; Collateralised and/or Securitised Debt Instruments; Derivatives/Counterparty General Risk; Short Positions; High Leverage; Active Currency; Specific Derivative Instruments; Asset Allocation – Dynamic; Securities Lending.

Equities; Bonds and other Debt Instruments; Commodities; Real Estate Related; Multi Asset; Below Investment Grade / Unrated Securities and High Yielding Debt Instruments; Emerging Markets; Russia; Eurozone Risk; General China Related Risk; Convertibles, Hybrids, Cocos and other instruments with loss absorption features; Collateralised and/or Securit ised Debt Instruments ; Derivatives/Counterparty General Risk; Short Positions; Active Currency; Specific Derivative Instruments; Asset Allocation – Dynamic; Securities Lending.

Note: As a result of the change in the fund’s investment objective, the additional and increased risks highlighted in bold above will apply.



To ensure a smooth repurpose process, the Investment Manager may rebalance the Fund’s portfolio with the aim of aligning the Fund’s investments with its revised investment objective set out above during the rebalancing period, which is estimated to be a period of up to fifteen (15) Business Days immediately after the Effective Date (the “Rebalancing Period”). The transaction costs (brokerage fees, stamp duties, taxes, custodian commission and charges paid to stock exchanges) which may arise in relation to the repurpose exercise during the Rebalancing Period will be borne by the Fund and will be capped at 0.2% of the Fund’s Net Asset Value. If the actual transaction costs incurred during the Rebalancing Period exceed 0.2% of the Fund’s Net Asset Value, such excess will be borne by FIL Fund Management Limited, the Investment Manager of Fidelity Funds (and/or any of its affiliates within FIL Group).



2. OTHER FUND AMENDMENTS SUBJECT TO A NOTICE PERIOD

Details of proposed changes to certain Funds, including the dates on when these changes will be effective, your options and associated dealing timelines, are set out below.

Shareholder ChoicesFor each of the amendments described below in this section, there are three options available to you as Shareholder of the relevant Fund:

1. You may take no action, in which case your investment in the relevant Fund will continue after the Effective Date, or

2. You may switch your existing Shares in the relevant Fund into Shares of any other sub-fund of Fidelity Funds available to you, free of charge, or

3. You may redeem your existing Shares in the relevant Fund, free of charge.

If you wish to switch or redeem your Shares in the relevant Fund, you should contact your Financial Adviser or your usual contact at FIL.

You may switch or redeem your Shares on any Valuation Date until 5:00pm Hong Kong time on the date referred to under the section entitled “Effective Date & Dealing Request Deadline” for each amendment. The redemption proceeds will normally be issued to you by electronic bank transfer. FIL will not charge any redemption fee or levy any switching fee if the instruction is received in accordance with the conditions set forth above.

Please note that the redemption or switching of your holding may be deemed as a disposal for tax purposes. If you have any concerns about your tax position, we recommend that you seek independent tax advice.

1. Amendments to the Investment Objectives regarding Investment in Hybrids and Contingent Convertible Bonds (“CoCos”) for certain Funds

a. Details of the AmendmentsThe investment objective of each of the following Funds will be updated so that these Funds are entitled to invest less than 30% of their total net assets in hybrids and CoCos, with less than 20% of their total net assets to be invested in CoCos:

Fidelity Funds – Asia Pacific Strategic Income Fund

Fidelity Funds – Asian Bond Fund


Fidelity Funds – China High Yield Fund



Fidelity Funds – Euro Bond Fund

Fidelity Funds – Euro Corporate Bond Fund

Fidelity Funds – Euro Short Term Bond Fund

Fidelity Funds – European High Yield Fund

Fidelity Funds – European Multi Asset Income Fund

Fidelity Funds – Flexible Bond Fund


Fidelity Funds – Global Multi Asset Income Fund

Fidelity Funds – Greater China Multi Asset Growth & Income Fund

Fidelity Funds – Growth & Income Fund (to be renamed Fidelity Funds – Multi Asset Income Fund)

b. Implications to the FundsWhile the overall risk profile of the relevant Funds will not change as a result of the change in the investment objective described above, investors should also note the risks associated with investment in hybrids and CoCos as detailed in the Prospectus.

c. Effective Date & Dealing DeadlinesThe changes described above will be effective on 16 December 2020.

You may switch or redeem your Shares on any Valuation Date until your usual dealing cut-off time OR 5:00 pm Hong Kong time7 on 15 December 2020 and the next calculated Net Asset Value per Share will apply.



2. Amendments to the Limits related to Onshore China Investments for Certain Fundsa. Details of the AmendmentsThe notes to the investment objective of certain Funds will be updated to reflect amended restrictions applicable to investment in Onshore Chinese Securities in order to meet changing client needs and aim to provide clients with superior outcomes.

Following such update, the Funds listed in the table below will be entitled to invest a particular proportion of their net assets directly and/or indirectly in the type of Onshore Chinese Securities set out in the table below as detailed under ‘New maximum exposure’ in the tables below.

Any direct access to Onshore Chinese Securities may be obtained via the QFII status of FIL Investment Management (Hong Kong) Limited or through any permissible means available to the Funds under prevailing laws and regulations (including, in respect of China A Shares, via the Stock Connect or in the case of onshore China fixed income securities, via the China interbank bond market, or any other eligible means). Any indirect access to Onshore Chinese Securities may be obtained through financial instruments that invest in or are linked to the performance of Onshore Chinese Securities, e.g. via equity-linked notes, participation notes and/or credit-linked notes, as the case may be.

China A and B Shares

Fund name Current maximum exposure* New maximum exposure*

Direct exposureAggregate - including

direct and indirect exposure

Direct exposureAggregate - including

direct and indirect exposure

Fidelity Funds – Asia Pacific Opportunities Fund

Up to 10% Less than 30% N/A*** Less than 30%

Fidelity Funds – Asian Special Situations Fund

Up to 10% Less than 30% Up to 20%** Less than 30%

Fidelity Funds – China Consumer Fund

Up to 10% Less than 30% Up to 20%** Up to 60%

Fidelity Funds – China Focus Fund


Fidelity Funds – Emerging Asia Fund


Fidelity Funds – Emerging Markets Focus Fund


Fidelity Funds – Emerging Markets Fund


Fidelity Funds – FIRST All Country World Fund


Fidelity Funds – Greater China Fund


Fidelity Funds – Institutional Emerging Markets Equity Fund


Fidelity Funds – Pacific Fund


* of the Fund’s net assets.

** this direct exposure is to reflect country-specific investment restrictions for the Fund registered in certain jurisdictions as provided for in Part V, Section 5.3, of the Prospectus.

*** The limit on direct investment in China A and B Shares will be removed and the Fund will be subject to an overall aggregate direct and indirect limit on investment in China A and B Shares.


China fixed income securities


Direct exposureAggregate - including direct and indirect exposure



Up to 10% Less than 30% Up to 20%**# Less than 30%

Fidelity Funds – Asia Pacific Strategic Income Fund

N/A Less than 30% N/A*** Up to 50%#

Fidelity Funds – China High Yield Fund

N/A Less than 30% N/A*** Up to 60%#


Up to 10% Less than 30% N/A*** Less than 30%#



Fidelity Funds – Global Bond Fund




Fidelity Funds – Global Short Duration Income Fund





** this direct exposure is to reflect country-specific investment restrictions for the Fund registered in certain jurisdictions as provided for in Part V, Section 5.3, of the Prospectus.

*** The limit on direct investment in China fixed income securities will be removed and the Fund will be subject to an overall aggregate limit of direct and indirect investment in China fixed income securities.

# The Fund (save for Fidelity Funds – Emerging Market Corporate Debt Fund) may invest up to the maximum limit disclosed (on an aggregate basis) in onshore China (i) urban investment bonds; (ii) asset-backed securities (including asset-backed commercial papers); and (iii) bonds which are rated below investment grade or unrated bonds. Fidelity Funds – Emerging Market Corporate Debt Fund may invest less than the maximum limit disclosed in the aforesaid investments.

China A and B Shares and China fixed income securities




Fidelity Funds – Greater China Multi Asset Growth & Income Fund

Up to 10% Less than 30% N/A** Up to 60%#


** The limit on direct investment in China A and B Shares and China fixed income securities will be removed and the Fund will be subject to an overall aggregate limit of direct and indirect investment in China A and B Shares and China fixed income securities.

# The Fund may invest up to the maximum limit disclosed (on an aggregate basis) in onshore China (i) urban investment bonds; (ii) asset-backed securities (including asset-backed commercial papers); and (iii) bonds which are rated below investment grade or unrated bonds.


Currently, the Fidelity Funds – Greater China Multi Asset Growth & Income Fund may invest up to 10% of its net assets in urban investment bonds and up to 20% of its net assets in collateralized and/or securitised products (e.g. asset-backed securities and mortgage-backed securities). The limit of the Fund’s onshore China investments in such asset classes together with bonds which are rated below investment grade or unrated bonds (on an aggregate basis) will be increased to up to 60% of its net assets.

The notes to the investment objective of the Fidelity Funds – Greater China Multi Asset Growth & Income Fund will also be updated to reflect that the Fund may invest more than 30% but up to 60% of its net assets directly in China A Shares listed on the Small and Medium Enterprise (“SME”) board of the Shenzhen Stock Exchange (“SZSE”), the ChiNext market of the SZSE and/or the Science and Technology Innovation Board (“STAR Board”) of the Shanghai Stock Exchange.

The notes to the investment objective of certain of the abovementioned Funds will be updated to reflect the amended restrictions applicable to investment in China onshore securities.

b. Implications to the Funds For Funds which direct and/or indirect exposures in Onshore Chinese Securities will be increased beyond 30% of their respective net assets, they will be subject to increased risks associated with investments in China, in particular “General China Related Risk” (including “Chinese Renminbi Currency and Conversion Risks”, “China Assets”, “QFII”, “Stock Connect”, “Mainland China Tax Risk”, “Volatility and Liquidity Risk associated with Mainland China Debt Securities” and “Risks associated with CIBM”).

For Funds which may invest in or increase their investments in (i) urban investment bonds; (ii) asset-backed securities (including asset-backed commercial papers); and (iii) bonds which are rated below investment grade or unrated bonds, they will be subject to additional or increased risks associated with investment in such asset classes such as “Risk associated with Urban Investment Bonds”; “Risk associated with Collateralised and/or Securitised Debt Instruments” and “Below Investment Grade / Unrated Securities and High Yielding Debt Instruments”.

In addition, the Fidelity Funds – Greater China Multi Asset Growth & Income Fund will be subject to “Risks associated with the Small and Medium Enterprise (“SME”) board, ChiNext market and/or the Science and Technology Innovation Board (“STAR Board”)” (including Higher fluctuation on stock prices and liquidity risk, Overvaluation Risk, Differences in regulation, Delisting risk and Concentration risk). Please refer to the Key Changes section in 1.2 Fidelity Funds – China Opportunities Fund for more details of these risks.

Please refer to the Prospectus for more details on the abovementioned risk factors.

Save and except the changes disclosed in this letter and Appendix I, there will be no other change in the operation and/or manner in which the Funds are being managed in practice.


You may redeem or switch out your Shares free of charge on any Valuation Date from the date of this Notice until your usual dealing cut-off time OR 5:00 pm Hong Kong time8 on the last Valuation Date prior to the effective date above (“Dealing Request Deadline”) , and the next calculated Net Asset Value per Share will apply. This period of free redemption or switch out prior to the effective date above will be at least one month after the date of this Notice. For the avoidance of doubt, you may still redeem or switch out your Shares at any time after the Dealing Request Deadline in accordance with the redemption or switching procedures, as the case may be, as set out in the Prospectus.

3. Change in Global Exposure Calculation Method for Certain Funds

As part of the risk management process for Fidelity Funds, global exposure relating to derivative instruments for each Fund is monitored. The Management Company uses either the commitment, the relative value-at-risk or the absolute value-at-risk approach for each Fund.

a. Details of the AmendmentsThe global exposure calculation method of Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund will change from the commitment approach to the absolute value-at-risk approach. The absolute value-at-risk will be limited to 10% of the Net Asset Value for each Fund.

The change of the global exposure calculation method will provide greater flexibility for the implementation of the Funds’ investment strategies by allowing an increase in the use of leverage, as set out in the table below, at points in time when the Investment Manager deems it appropriate and also to ensure consistency with the existing fixed income strategies being adopted by the other sub-funds which are already deploying the absolute value-at-risk approach as their global exposure calculation method. For the avoidance of doubt, the types of derivatives that the Funds use to deliver the Funds’ core investment objectives and the way the Funds are managed are not expected to change.



i. Global Exposure Calculation Method Changes

From: To:

Global Exposure Calculation Method

Commitment Absolute Value-at-Risk

Expected Level of Leverage*

N/A 500%**

Maximum Level of Leverage*

N/A 1000%**

* Leverage is determined using the sum of the notionals (expressed as a sum of positive values) of all financial derivatives instruments used.

** of the Net Asset Value of the Fund.

It is currently disclosed in the Prospectus and the KFS of Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund that the Funds’ net derivative exposure may be more than 50% but up to 100% of the Funds’ Net Asset Value.

As a result of the change of the global exposure calculation method to absolute value-at-risk approach which allows an increase in the use of leverage through derivative instruments, the Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund’s net derivative exposure will be changed from up to 100% of the Fund’s Net Asset Value to may be more than 100% of the Funds’ Net Asset Value. Such increase in the net derivative exposure will provide greater flexibility on the use of derivative instruments to meet the fund’s investment objective.

b. Implications to the FundsAs a result of the change of global exposure calculation method and net derivative exposure described above and increase in the use of leverage through derivative instruments, the Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund will have a maximum level of leverage which may be up to 1000% of their respective Net Asset Value and will be subject to an additional risk factor, namely High Leverage (i.e. these Funds will have a net leverage exposure of more than 100% of their Net Asset Value, which will magnify any potential negative impact of any change in the value of the underlying asset on these Funds and also increase the volatility of Funds’ price and may lead to significant losses).

The two relevant Funds will also be subject to higher risks relating to the use of derivatives. In particular, the risk relating to “Financial Derivative Instruments” (including liquidity risk, counterparty credit risk, volatility risk, valuation risks and over-the-counter transaction risk) will become more relevant to both Fidelity Funds – Flexible Bond Fund and the Fidelity Funds – Sustainable Strategic Bond Fund; this risk is already disclosed in the Prospectus and applies to each of the two Funds. Please refer to the Prospectus for more details of the derivatives related risks.

Shareholders should note that (i) a higher level of expected leverage does not automatically infer a higher level of investment risk; and (ii) the expected level of leverage may include leverage generated by the use of derivatives for hedging purposes.

Save and except the changes disclosed in this Appendix I, there will be no other change in the operation and/or manner in which the Funds are being managed in practice.

Further, there will be no change in the fee level in managing the Funds following the implementation of these changes.


You may redeem or switch out your Shares free of charge on any Valuation Date from the date of this Notice until your usual dealing cut-off time OR 5:00 pm Hong Kong time9 on the last Valuation Date prior to the effective date above (“Dealing Request Deadline”) , and the next calculated Net Asset Value per Share will apply. This period of free redemption or switch out prior to the effective date above will be at least one month after the date of this Notice. For the avoidance of doubt, you may still redeem or switch out your Shares at any time after the Dealing Request Deadline in accordance with the redemption or switching procedures, as the case may be, as set out in the Prospectus.



4. Capital Investment Entrant Scheme (“CIES”) Deregistration

a. Removal from the CIESCurrently, Fidelity Funds – China Opportunities Fund is registered as an eligible collective investment scheme (“CIS”) under the CIES by the Immigration Department of Hong Kong (“Immigration Department”). Pursuant to the repurpose of Fidelity Funds – China Opportunities Fund into Fidelity Funds – China Innovation Fund (as described in section 1.2 of this Appendix), an application has been submitted to the Immigration Department to remove Fidelity Funds – China Opportunities Fund from the list of eligible CISs under the CIES (“Deregistration”).

The Deregistration is expected to take effect on or around 15 February 2021. However, it is subject to the Immigration Department’s approval and processing arrangement. The Deregistration will be effective on the day when the Immigration Department removes Fidelity Funds – China Opportunities Fund from the list of eligible CISs under the CIES posted on its website.10

b. Impact on Existing CIES InvestorsAccording to the Rules for the Capital Investment Entrant Scheme (“CIES Rules”) issued by the Immigration Department, an applicant/entrant under the CIES must invest and remain invested in permissible investment assets11 throughout the applicable period under the CIES (“Portfolio Maintenance Requirement”). Once the Deregistration becomes effective, Fidelity Funds – China Opportunities Fund will no longer be a permissible investment asset under the CIES, and investors who have invested in Fidelity Funds – China Opportunities Fund pursuant to the CIES (“Existing CIES Investors”) may be disqualified from the CIES unless they have taken appropriate actions within the applicable period of time in order to remain invested in other permissible investment assets.

c. Action required for Existing CIES Investors who would like to remain qualified under the CIESIn order to remain qualified under the CIES, Existing CIES Investors are advised to switch into other permissible investment assets before the Deregistration becomes effective so that the Portfolio Maintenance Requirement is complied with. The CIES Rules prescribe certain requirements in relation to switching between permissible investment assets. In particular, the entire proceeds from the disposal or realization at market value of the original permissible investment assets should be reinvested in other permissible investment assets within the applicable period of time specified in the CIES Rules. Please refer to the CIES Rules for further details of the requirements in relation to switching between permissible investment assets. For the latest list of eligible CISs under the CIES, please refer to the website of the Immigration Department.12

You may redeem your Shares in Fidelity Funds – China Opportunities Fund free of charge on any Valuation Date from the date of this Notice until your usual dealing cut-off time OR 5:00 pm Hong Kong time13 on the last Valuation Date prior to the effective date above (“Dealing Request Deadline”), and the next calculated Net Asset Value per Share will apply. This period of free redemption prior to the effective date above will be at least one month after the date of this Notice.

Existing CIES Investors’ eligibility and status under the CIES would depend on their individual circumstances. Existing CIES Investors are advised to consult their own professional advisers and/or the Immigration Department on their eligibility and status under the CIES.

10 The list of eligible CISs is posted on http://www.immd.gov.hk/eng/services/hk-visas/capital-investment-entrant/eligible-collective-investment.html. This website has not been reviewed by the SFC.

11 Permissible investment assets refer to the asset classes specified in paragraph 4.1 of the CIES Rules, as amended by the subsequent notices of amendments issued by the Immigration Department. For details, please refer to the CIES Rules and other materials issued by the Immigration Department. If you have any questions about your status under the CIES, you should seek independent professional advice.

12 The list of eligible CISs is posted on http://www.immd.gov.hk/eng/services/hk-visas/capital-investment-entrant/eligible-collective-investment.html. This website has not been reviewed by the SFC.



3. OTHER FUND AMENDMENTS NOT SUBJECT TO A NOTICE PERIOD

1. Change of name of a FundFidelity Funds – Growth & Income Fund will be renamed as Fidelity Funds – Multi Asset Income Fund as of 16 December 2020.

2. Inclusion of and changes to benchmarks The investment objectives of each of the following Funds will be enhanced to include a benchmark index (as set out below) (the “Index”):Accordingly, the respective investment objectives of the following Funds will be amended to insert the benchmark disclosure as set out below:

No. Fund Index Additional benchmark disclosure

1.Fidelity Funds – America Fund

S&P 500 Index

The fund i s ac t i ve l y managed and references the [relevant fund’s Index]14 (the ‘Index’) for performance comparison only.

2.Fidelity Funds – American Growth Fund

S&P 500 Index

3.Fidelity Funds – Euro Blue Chip Fund

MSCI EMU Index

4.Fidelity Funds – European Dynamic Growth Fund

MSCI Europe Index

5.Fidelity Funds – FIRST European Value Fund

MSCI Europe Value Index

6.Fidelity Funds – France Fund

CAC All-Tradable Index

7. Fidelity Funds – Iberia Fund80% MSCI Spain Index; 20% MSCI Portugal Index

8. Fidelity Funds – Italy Fund FTSE Italia All Share Index

9.Fidelity Funds – Japan Aggressive Fund

TOPIX Total Return Index

10.Fidelity Funds – Nordic Fund

FTSE Nordic 30 Index

11.Fidelity Funds – Switzerland Fund

MSCI Switzerland Index

12.Fidelity Funds – United Kingdom Fund

FTSE All Share Index

13.Fidelity Funds – Flexible Bond Fund

ICE BofA Q880 Custom Index (a custom blend of government, investment grade and high yield corporate bond indices)

14. Fidelity Funds - Sustainable Strategic Bond Fund

ICE BofA Q944 Custom Index (a custom blend of government, investment grade and high yield corporate bond indices)

15.Fidelity Funds – US High Yield Fund

ICE BofA US High Yield Constrained Index

14 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column.



16. Fidelity Funds – American Diversified Fund S&P 500 Index

The fund i s ac t i ve ly managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference [relevant fund’s Index]15 (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.


17. Fidelity Funds – Asia Pacific Opportunities Fund

MSCI AC Asia Pacific ex Japan Index

18. Fidelity Funds – Asian Smaller Companies Fund

MSCI AC Asia Pacific ex Japan Small Cap Australia Capped 10% Index

19. Fidelity Funds – Asian Special Situations Fund MSCI AC Asia ex Japan Index

20. Fidelity Funds – Australia Fund S&P ASX 200 Index

21. Fidelity Funds – China Consumer Fund MSCI China Index

22. Fidelity Funds – China Focus Fund MSCI China Capped 10% Index

23. Fidelity Funds – Emerging Asia Fund

MSCI Emerging Asia Composite Index

24.

Fidelity Funds – China Opportunities Fund (to be repurposed into Fidelity Funds – China Innovation Fund)

MSCI Zhong Hua Capped 10% Index

25. Fidelity Funds – European Larger Companies Fund MSCI Europe Index

26. Fidelity Funds – European Smaller Companies Fund

EMIX Smaller European Companies Index

27. Fidelity Funds – Germany Fund HDAX® Total Return Index

28. Fidelity Funds – Global Consumer Industries Fund

MSCI AC World Consumer Discretionary + Staples Index

29. Fidelity Funds – Global Demographics Fund MSCI ACWI Index

30. Fidelity Funds – Global Financial Services Fund MSCI AC World Financials Index

31. Fidelity Funds – Global Health Care Fund MSCI AC World Health Care Index

32. Fidelity Funds – Global Industrials Fund

MSCI AC World Industrials + Materials + Energy Index

33.

Fidelity Funds – Global Infrastructure Fund (to be repurposed into Fidelity Funds – Global Dividend Plus Fund)

MSCI AC World Infrastructure Index

34. Fidelity Funds – Global Technology Fund

MSCI AC World Information Technology Index

35. Fidelity Funds – Indonesia Fund

MSCI Indonesia IMI Capped 8% Index

36. Fidelity Funds – Japan Advantage Fund TOPIX Total Return Index

37.

Fidelity Funds – Japan Fund (to be repurposed into Fidelity Funds – Sustainable Japan Equity Fund)

TOPIX Total Return Index

38. Fidelity Funds – Japan Smaller Companies Fund

Russell/Nomura Mid Small Cap Japan with Dividends Index

39. Fidelity Funds – Pacific Fund MSCI AC Pacific Index

40. Fidelity Funds – Taiwan Fund MSCI Taiwan Capped 8% Index

41. Fidelity Funds – Thailand Fund Bangkok SET Capped Index

42. Fidelity Funds – World Fund MSCI World Index

43. Fidelity Funds – Institutional Japan Fund MSCI Japan Index

44. Fidelity Funds – European Growth Fund MSCI Europe Index

15 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column



45.Fidelity Funds – Emerging Europe, Middle East and Africa Fund

MSCI Emerging EMEA Capped 5% Index

The fund i s ac t i ve ly managed. The Investment Manager will, for the purposes of monitoring risk, reference [relevant fund’s Index]16 (the “Index”) as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.


46.Fidelity Funds – Emerging Markets Fund

MSCI Emerging Markets Index

47.Fidelity Funds – India Focus Fund

MSCI India Capped 8% Index

48.Fidelity Funds – Latin America Fund

MSCI EM Latin America Index

49. Fidelity Funds – Institutional Emerging Markets Equity Fund


50.Fidelity Funds – Asian Bond Fund

ICE BofA Asia Dollar Investment Grade Index

The fund i s ac t i ve ly managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, reference [relevant fund’s Index]17 (the “Index”) as the Index constituents best represent the characteristics the fund is seeking to gain exposure to. The fund’s performance can be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it may also invest in issuers, sectors, countries and security types that are not included in, and that have different weightings from, the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.

51.Fidelity Funds – Asian High Yield Fund

ICE BofA Asian Dollar High Yield Corporate Index (Level 4 20% Lvl4 Cap, 3% Constrained)

52.Fidelity Funds – Emerging Market Corporate Debt Fund

J.P. Morgan Corporate Emerging Market Bond Index – Broad Diversified

53.Fidelity Funds – Emerging Market Debt Fund

J. P. Morgan Emerging Markets Bond Index – Global Diversified

54.Fidelity Funds – Euro Bond Fund

ICE BofA Euro Large Cap Index

55.Fidelity Funds – Euro Corporate Bond Fund

ICE BofA Euro Corporate Index

56.Fidelity Funds – Euro Short Term Bond Fund

ICE BofA 1-3 Year Euro Broad Market Index

57.Fidelity Funds – European High Yield Fund

ICE BofA Global High Yield European Issuers Constrained (Level 4 20% Cap) Index

58.Fidelity Funds – Global Bond Fund

Bloomberg Barclays Global Aggregate Bond Index

59.Fidelity Funds – Global Inflation-linked Bond Fund

Bloomberg Barclays World Government Inflation-Linked 1 to 10 Year Index

16 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column. 17 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column.



60.Fidelity Funds – Emerging Markets Focus Fund


The fund i s ac t i ve ly managed. The Investment Manager will reference [relevant fund’s Index]18 (the “Index”) by seeking to outperform it as the Index constituents are representative of the type of companies the fund invests in. The fund’s performance should be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in companies, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.

61.Fidelity Funds – European Dividend Fund

MSCI Europe Index

The fund is actively managed and aims to provide income and capital growth. Income will typically be in excess of [relevant fund’s Index]19 (the “Index”) . The Index constituents are representative of the type of companies the fund invests in. The fund’s performance can be assessed against its Index.

The Investment Manager has a wide range of discretion relative to the Index. While the fund will hold assets that are components of the Index, it also is expected to invest in issuers, sectors, countries and security types that have different weightings from, and may not be included in the Index in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Index. However, over short time periods, the fund’s performance may be close to the Index, depending on market conditions.

62.Fidelity Funds – Global Dividend Fund

MSCI ACWI Index

18 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column. 19 Please refer to the particular benchmark index of the relevant fund as set out in the “Index” column.



63.Fidelity Funds – Fidelity Target™ 2020 Fund

Composite benchmark

The fund i s ac t i ve l y managed and references a blend of market indices (each a ‘’Market Index’’) in order to set internal guidelines around the weightings allocated to different asset classes. As the fund’s exposure to different asset classes evolves over time in line with the fund’s investment policy, the Market Indices referenced and their weightings will also change accordingly. While the fund may take direct or indirect exposure to the components of the Market Indices, there are no restrictions on the extent to which the fund’s portfolio and performance may deviate from the Market Indices. The Market Indices are represented by a blended index for the purposes of performance comparison. As at the date of the Prospectus, the Market Indices consist of [list of market indices]*. Further information on the current list of Market Indices as well as past weightings is available on request.

64.Fidelity Funds – Fidelity Target™ 2025 (Euro) Fund

Composite benchmark

65.Fidelity Funds – Fidelity Target™ 2030 (Euro) Fund

Composite benchmark

Note that in respect of the following Funds, their investment objectives will be enhanced to clarify that they are actively managed without reference to a benchmark:

1. Fidelity Funds – European Multi Asset Income Fund;

2. Fidelity Funds – Global Multi Asset Income Fund;

3. Fidelity Funds – Greater China Multi Asset Growth & Income Fund;

4. Fidelity Funds – Growth & Income Fund (to be renamed Fidelity Funds – Multi Asset Income Fund);

5. Fidelity Funds – Asia Pacific Strategic Income Fund;

6. Fidelity Funds – China High Yield Fund;

7. Fidelity Funds – Global Income Fund;

8. Fidelity Funds – Global Short Duration Income Fund;

9. Fidelity Funds – Australian Dollar Cash Fund;

10. Fidelity Funds – Euro Cash Fund;

11. Fidelity Funds – SMART Global Moderate Fund (to be repurposed into Fidelity Funds – Global Multi Asset Dynamic Fund);

12. Fidelity Funds – Sterling Cash Fund; and

13. Fidelity Funds – US Dollar Cash Fund.

Note that in respect of the following Funds, the benchmark disclosure in the investment objectives will be amended to refer to “Index” rather than “Benchmark”. Further, for consistency of disclosure, the benchmark disclosures will also be amended to state that the fund’s performance can be assessed (instead of compared) against its Index:

1. Fidelity Funds – ASEAN Fund;

2. Fidelity Funds – Asia Pacific Dividend Fund;

3. Fidelity Funds – FIRST All Country World Fund;

4. Fidelity Funds – Global Focus Fund;

5. Fidelity Funds – Global Property Fund;

6. Fidelity Funds – Greater China Fund;

7. Fidelity Funds – Malaysia Fund;

8. Fidelity Funds – Singapore Fund; and

9. Fidelity Funds – US Dollar Bond Fund.

* The list of market indices will be disclosed in the Prospectus in due course.


In respect of the following Funds, the names of their benchmark indices will be updated as follows:

No. Fund Old benchmark index name New benchmark index name

1.Fidelity Funds – Asia Pacific Dividend Fund

MSCI AC Asia Pacific ex Japan (Gross) Index

MSCI AC Asia Pacific ex Japan Index

2.Fidelity Funds – FIRST All Country World Fund

MSCI AllCountries World (Net) Index

MSCI ACWI Index

3. Fidelity Funds – Global Property FundFTSE EPRA/NAREIT Developed (Net) Index

FTSE EPRA/NAREIT Developed Index

4. Fidelity Funds – Greater China FundMSCIGolden Dragon (Net) Index

MSCI Golden Dragon Index

5. Fidelity Funds – Global Focus FundMSCI AllCountries World (Net) Index

MSCI ACWI Index

6.Fidelity Funds – Asia Focus Fund (to be repurposed into Fidelity Funds – Sustainable Asia Equity Fund)

MSCI All Country Asia ex-Japan (Net) Index

MSCI AC Asia ex-Japan Index

7.Fidelity Funds – International Fund (to be repurposed into Fidelity Funds – Global Thematic Opportunities Fund)

MSCI World (Net) Index MSCI World Index

With effect from 1 December 2020, Fidelity Funds – US Dollar Bond Fund will change its index as follows:

From To

ICE BofAML US Large Cap Corporate & Government IndexICE BofA Q4AR Custom Index

(a custom USD Aggregate Bond index)

This decision to change the index for the Fidelity Funds - US Dollar Bond Fund is driven by the fact that the ICE BofA Q4AR Custom Index is a more accurate reflection of the investment universe the Fidelity Funds – US Dollar Bond Fund invests in and it is therefore a more accurate measure for performance comparison purposes. There is no other change to the investment policy of the Fidelity Funds – US Dollar Bond Fund, except the change described above. The investment objective and the risk profile of the fund remain the same.

The Prospectus and the KFS of each of the Funds above will be enhanced accordingly to reflect the above.

3. Enhancement of disclosures relating to the collateral requirements for securities lending on bonds

The Prospectus will be enhanced to disclose that in respect to securities lending transactions, bonds (in addition to equity stocks) can also be subject to securities lending transaction. Fidelity Funds will generally require the borrower to post collateral representing, at any time during the lifetime of the agreement, at least 105% of the total value of the securities lent in the case of equity stocks and at least 102% of the total value of the securities lent in the case of bonds.

4. Delegation to Geode Capital Management, LLC (“Geode”)

In addition to the Funds listed in Part IV of the Prospectus, Geode will be appointed to manage some of the assets of the following Funds:

(a) Fidelity Funds – Fidelity Target™ 2025 (Euro) Fund; and

(b) Fidelity Funds – Fidelity Target™ 2030 (Euro) Fund.

The Investment Manager may allocate a certain portion of the assets of the Funds above to be managed by Geode from time to time. In any event, the portion of the assets of the above Funds managed by Geode will not exceed 30% of their respective net asset value. The obligations of the Investment Manager to the above Funds are unaffected by any such delegation.

As disclosed in the Prospectus, the list of all entities (including Geode) having managed all or part of the assets of each fund over the last six or twelve months will be published in the annual and semi-annual financial reports.


5. Changes in expected exposure to securities lending transactions and repurchase and reverse repurchase agreements

(i) Expected exposure to securities lending transactions

The Prospectus includes information relating to the expected use of securities lending transactions of all the Funds under Fidelity Funds.

The following expected percentages of the total net assets (“TNA”) of the Funds under Fidelity Funds (other than Fidelity Funds – Australian Dollar Cash Fund, Fidelity Funds – Euro Cash Fund, Fidelity Funds – Sterling Cash Fund and Fidelity Funds – US Dollar Cash Fund) which can be used for securities lending transactions will be amended:

Current expected level (in % of TNA) New expected level (in % of TNA)

0 15

(ii) Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund

In respect of Fidelity Funds – Flexible Bond Fund and Fidelity Funds – Sustainable Strategic Bond Fund, the expected percentages of TNA which can be used for securities lending transactions and repurchase and reverse repurchase agreements will be amended. The changes are set out in the table below:

Fund Name

Current New

Securities Lending

Repurchase and reverse repurchase agreements

Securities Lending

Repurchase and reverse repurchase agreements

Expected level (in % of TNA)

Fidelity Funds – Flexible Bond Fund

0 0 15 15


0 0 15 15

Appendix III to the Prospectus which relates to the EU Securities Financing Transactions Regulation will be updated to reflect the above changes.

6. Use of derivatives: removal of the reference to an “extensive” use of derivatives

In respect of all the Funds which the investment policy previously referred to an “extensive” use of derivatives, the Prospectus will be amended such that the investment policy describes each Fund’s use of financial derivative instruments without reference to such extensiveness.

Such update is driven by an evolution of the language used with regard to the Hong Kong disclosure requirements. Previously, UCITS authorised by the SFC which use financial derivative instruments extensively for investment purposes are required to disclose as such in their offering documents. However, based on recent updates to the SFC’s disclosure requirements on the use of financial derivative instruments, SFC-authorised funds (such as the Funds) are required to disclose their “net derivative exposure”, and disclosure on extensive use of financial derivative instruments is no longer mandated. Consequently, FIL has decided to amend the Prospectus.

Please note that this amendment does not entail any change in the portfolio management of the relevant Fund and is merely driven by updates to the Hong Kong disclosure requirements.

7. Investments in Loans: removal of possibility to directly invest in loans

In respect of all the Funds which allow direct investments of up to 10% of their net assets in loans, the Prospectus will be amended such that this investment flexibility will be removed, in accordance with the provisions of the CSSF FAQ concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment (version 9, last updated on 7 August 2020).

This includes removing: (a) the flexibility to invest into loans in the objectives and policies sections of the relevant Funds, and (b) loans as eligible investments in section 5.1 of Part V.

However, in light of the ongoing corporate restructurings of a number of loans and to the extent that any remaining loan positions have not been disposed of, the Funds below with a residual exposure to loans to be disposed of will be clearly marked with a footnote. This footnote will be removed once the loans have all been disposed of:

Fidelity Funds – US High Yield Fund

Fidelity Funds – Growth & Income Fund (to be renamed Fidelity Funds – Multi Asset Income Fund)

Fidelity Funds – Global Multi Asset Income Fund

Such update is driven by an evolution in Luxembourg eligibility requirements. Previously, UCITS could invest directly into loans under certain conditions. However, based on recent updates to the CSSF’s regulatory practice on eligibility of direct loan investments, these are no longer permitted and need to be disposed of taking into account the best interest of the investors. Consequently, the Prospectus will be updated to be in line with such eligibility requirements.


Please note that this amendment is merely driven by an evolvement of the Luxembourg supervisory authority’s position and will not have any material impact on the way the relevant Funds are being managed.

Save and except the changes described above, there is no change to the existing investment objective and risk profile of all the Funds.

8. Addition of “Sustainable Investment Approach” section in the Prospectus

The Prospectus will be enhanced to include a new Section 1.3 “Sustainable Investment Approach”. All subsequent sections in the Prospectus will be re-numbered and cross-references updated accordingly.

This additional section sets out information relating to, amongst others, Fidelity’s approach to sustainable investing, examples of ESG factors which may be considered, other information relating to responsible investment principles and the Fidelity Sustainability Ratings system.

9. Miscellaneous updates / amendments

The following changes will also be made:

(a) updates to the definition of Credit Default Swaps and the terms of the Value-at-Risk (VaR);

(b) updates to the profiles of the board of directors and management of the Fund;

(c) updates to the addresses of the distributors and dealing facilities, and also the entities which may be sub-delegated investment management activities;

(d) save and except for the changes disclosed in this Appendix I, updates to various Funds’ risk profiles based on periodic internal review;

(e) updates to various risk disclosures, including amongst others, “Custodial Risk”, “Credit Risk with respect to Cash”, the “General” risk disclosure of “Derivatives/Counterparty related Risks”, “QFII” risk and “Mainland China Tax Risk”, and addition of “Risks associated with the SME board, ChiNext market and/or the STAR Board”, “Thematic Focus” risk and “Risks associated with lower and target volatility strategies”;

(f) updates to reflect the removal of the QFII quota and consequential updates of such references;

(g) enhancements to the investor profile of Equity funds, Multi Asset funds, Bond funds, Cash funds, Fidelity Lifestyle funds, Institutional Reserved Equity Funds and Systematic Multi Asset Risk Target funds;

(h) enhancements to the notes to the investment objectives to clarify the use of China A share access products (for Fidelity Funds – China Consumer Fund, Fidelity Funds – China Focus Fund and Fidelity Funds – Greater China Fund) and investments in urban investment bonds (for Fidelity Funds – Asia Pacific Strategic Income Fund and Fidelity Funds – China High Yield Fund);

(i) enhancements to the ESG disclosures in the investment objective of Fidelity Funds – Sustainable Strategic Bond Fund;

(j) change of administrator, secretary and registrar of the Mauritian Subsidiary from SGG Fund Services (Mauritius) Ltd to IQ EQ Services (Mauritius);

(k) removal of the disclosures on the weightings of the top 10 largest constituent securities of the underlying index of Fidelity Funds – EURO STOXX 50® Fund from the Prospectus and KFS of the EURO STOXX 50® Fund. The most updated list of the constituents of the index of the EURO STOXX 50® Fund together with the respective weightings will be available on the relevant website as disclosed in the Prospectus and the KFS;

(l) addition of list of Class Sub-Indicators and consequential amendments throughout the Prospectus relating to this change;

(m) updates and enhancements to the disclosures relating to the EU Benchmark Regulation;

(n) availability of information relating to the risk management procedures of the Fidelity Fund;

(o) enhancements to the disclosures on the global exposure relating to derivative instruments and leverage;

(p) updates to the disclosures relating to management of collateral for securities lending, repurchase and OTC financial derivative transactions;

(q) updates to the investment powers and safeguards for Cash funds, in particular, the Fund will not, on behalf of any Cash fund, borrow and/or lend cash;

(r) clarificatory amendments and updates to the disclosure relating to the direct and indirect investments in Onshore Chinese Securities;

(s) updates to the additional investment restrictions applying to Funds registered in Taiwan;

(t) updates and enhancement of the tax and tax-related risk disclosures, including to the FATCA and OECD CRS disclosures; and

(u) other consequential amendments and miscellaneous updates, drafting and editorial amendments.

EQUITY FUNDS

Fidelity Funds – America Fund .............................................................................1

Fidelity Funds – American Diversified Fund ......................................................4

Fidelity Funds – American Growth Fund ............................................................7

Fidelity Funds – ASEAN Fund .............................................................................10

Fidelity Funds – Asia Focus Fund ......................................................................14

Fidelity Funds – Asia Pacific Opportunities Fund ...........................................18

Fidelity Funds – Asian Smaller Companies Fund...........................................22

Fidelity Funds – Asian Special Situations Fund ..............................................26

Fidelity Funds – Australia Fund ..........................................................................30

Fidelity Funds – China Consumer Fund ...........................................................33

Fidelity Funds – China Focus Fund ...................................................................37

Fidelity Funds – China Opportunities Fund .....................................................41

Fidelity Funds – Emerging Asia Fund ...............................................................45

Fidelity Funds – Emerging Europe, Middle East and Africa Fund ..............49

Fidelity Funds – Emerging Markets Focus Fund .............................................53

Fidelity Funds – Emerging Markets Fund .........................................................57

Fidelity Funds – Euro Blue Chip Fund ...............................................................61

Fidelity Funds – EURO STOXX 50® Fund .........................................................64

Fidelity Funds – European Dynamic Growth Fund .........................................68

Fidelity Funds – European Growth Fund ..........................................................71

Fidelity Funds – European Larger Companies Fund .....................................74

Fidelity Funds – European Smaller Companies Fund ...................................77

Fidelity Funds – FIRST All Country World Fund ...............................................80

Fidelity Funds – FIRST European Value Fund ..................................................84

Fidelity Funds – France Fund .............................................................................88

Fidelity Funds – Germany Fund .........................................................................91

Fidelity Funds – Global Consumer Industries Fund .......................................94

Fidelity Funds – Global Demographics Fund .................................................97

Fidelity Funds – Global Financial Services Fund ........................................ 100

Fidelity Funds – Global Focus Fund ............................................................... 103

Fidelity Funds – Global Health Care Fund ................................................... 107

Fidelity Funds – Global Industrials Fund ...................................................... 110

Fidelity Funds – Global Infrastructure Fund ................................................. 113

Fidelity Funds – Global Property Fund ......................................................... 117

Fidelity Funds – Global Technology Fund .................................................... 121

Fidelity Funds – Greater China Fund ............................................................. 124

Fidelity Funds – Iberia Fund ............................................................................ 129

Fidelity Funds – India Focus Fund .................................................................. 132

Fidelity Funds – Indonesia Fund ..................................................................... 136

Fidelity Funds – International Fund ................................................................ 139

Fidelity Funds – Italy Fund ............................................................................... 143

Fidelity Funds – Japan Advantage Fund ...................................................... 147

Fidelity Funds – Japan Aggressive Fund ...................................................... 150

Fidelity Funds – Japan Fund ........................................................................... 153

Fidelity Funds – Japan Smaller Companies Fund ...................................... 156

Fidelity Funds – Latin America Fund .............................................................. 160

Fidelity Funds – Malaysia Fund ...................................................................... 164

Fidelity Funds – Nordic Fund .......................................................................... 168

Fidelity Funds – Pacific Fund ........................................................................... 171

Fidelity Funds – Singapore Fund .................................................................... 175

Fidelity Funds – Switzerland Fund .................................................................. 179

Fidelity Funds – Taiwan Fund .......................................................................... 182

Fidelity Funds – Thailand Fund ....................................................................... 185

Fidelity Funds – United Kingdom Fund ......................................................... 188

Fidelity Funds – World Fund ............................................................................ 191

Fidelity Funds – Asia Pacific Dividend Fund ............................................... 194

Fidelity Funds – European Dividend Fund .................................................... 198

Fidelity Funds – Global Dividend Fund ......................................................... 202

SYSTEMATIC MULTI ASSET RISK TARGETED FUNDS

Fidelity Funds – SMART Global Moderate Fund ......................................... 206

MULTI ASSET FUNDS

Fidelity Funds – European Multi Asset Income Fund .................................. 211

Fidelity Funds – Global Multi Asset Income Fund ....................................... 216

Fidelity Funds – Greater China Multi Asset Growth & Income Fund ....... 221

Fidelity Funds – Growth & Income Fund ....................................................... 227

BOND FUNDS

Fidelity Funds – Asia Pacific Strategic Income Fund .................................. 231

Fidelity Funds – Asian Bond Fund .................................................................. 236

Fidelity Funds – Asian High Yield Fund ........................................................ 241

Fidelity Funds – China High Yield Fund ........................................................ 246

Fidelity Funds – Emerging Market Corporate Debt Fund .......................... 252

Fidelity Funds – Emerging Market Debt Fund.............................................. 257

Fidelity Funds – Euro Bond Fund .................................................................... 262

Fidelity Funds – Euro Corporate Bond Fund ................................................ 266

Fidelity Funds – Euro Short Term Bond Fund ............................................... 270

Fidelity Funds – European High Yield Fund ................................................. 274

Fidelity Funds – Flexible Bond Fund .............................................................. 279

Fidelity Funds – Global Bond Fund ............................................................... 283

Fidelity Funds – Global Income Fund............................................................ 287

Fidelity Funds – Global Inflation-linked Bond Fund .................................... 292

Fidelity Funds – Global Short Duration Income Fund ................................ 297

Fidelity Funds – Sustainable Strategic Bond Fund...................................... 301

Fidelity Funds – US Dollar Bond Fund ........................................................... 307

Fidelity Funds – US High Yield Fund .............................................................. 312

CASH FUNDS

Fidelity Funds – Australian Dollar Cash Fund .............................................. 317

Fidelity Funds – Euro Cash Fund .................................................................... 321

Fidelity Funds – Sterling Cash Fund ............................................................... 325

Fidelity Funds – US Dollar Cash Fund ........................................................... 329

FIDELITY LIFESTYLE FUNDS

Fidelity Funds – Fidelity Target™ 2020 Fund................................................ 333

Fidelity Funds – Fidelity Target™ 2025 (Euro) Fund .................................... 337

Fidelity Funds – Fidelity Target™ 2030 (Euro) Fund .................................... 341

INSTITUTIONAL RESERVED FUNDS

Fidelity Funds – Institutional Emerging Markets Equity Fund .................... 345

Fidelity Funds – Institutional Japan Fund ..................................................... 348

TABLE OF CONTENTS:

Product Key Facts: Fidelity Funds August 2020

PRODUCT KEY FACTS

FIL Investment Management (Luxembourg) S.A. (as Management Company) August 2020



Quick facts






Ongoing charges over a year^: Class A-USD: 1.89% Class A-ACC-AUD (hedged): 1.89% Class A-Euro: 1.89% Class Y-ACC-USD: 1.04% Class A-ACC-USD: 1.89%



Base currency: USD


Class A-ACC, Class A-ACC (hedged) & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively

out of capital.







The fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low. The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in US equity securities. For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies,

market sectors, currency or asset classes. In selecting securities for the fund, several factors are considered in the investment process; for example, consideration

may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.


Fidelity Funds - America Fund

1







Equities


Valuation Risk

Valuation of the fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the fund.




The fund’s investments are concentrated in a single or small number of countries and may have greater exposures to the market, political, policy, foreign exchange, liquidity, tax, legal, regulatory, economic and social risks of those countries, and the value of the fund may be more volatile than a fund which diversifies across a larger number of countries.

Stock/Issuer Concentration

At times, the fund will invest in a relatively small number of investments or issuers and may experience a more volatile net asset value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.




(%)12.3

-3.7

16.2

35.6

17.3

0.7 9.3 9.4

-6.9

10.9

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







2







Redemption Fee N/A





Performance Fee N/A



Other Fees








3

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.93%



Base currency: USD







Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in US equity securities of small, medium and large capitalized companies. The income from the fund is expected to be low.

The fund aims to be diversified in terms of sectors and market capitalisation, offering a core exposure to the US stock market. The Investment Manager seeks to add value primarily through stock selection.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, currency or asset classes.

In selecting securities for the fund, several factors are considered in the investment process; for example, consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.




Fidelity Funds - American Diversified Fund

4



Risk to Capital and Income (Investment Risk)The assets of the fund are subject to fluctuations in value. There is no guarantee of repayment of principal and you may not get back the original amount invested. Past performance is no guarantee of future performance.

EquitiesThe fund’s investment in equities securities may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events including changes in investment sentiment, political and economic conditions and issuer-specific factors.

Valuation RiskValuation of the fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the fund.

Foreign Currency RiskThe fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of shares may be designated in a currency other than the base currency of the fund. Fluctuations in the exchange rates between these currencies and the base currency as well as changes in exchange rate controls may adversely affect the fund’s net asset value.



Stock/Issuer ConcentrationAt times, the fund will invest in a relatively small number of investments or issuers and may experience a more volatile net asset value as a result of this concentration of holdings relative to a fund that diversifies across a larger number of investments or issuers.

Investments in Medium and Small CompaniesThe prices of securities of medium and small companies generally are more volatile than those of larger companies; the securities are often less liquid and these companies may be subject to more abrupt fluctuations in market price than larger, more established companies. Investments in securities of companies with medium and small market capitalisations are generally considered to offer greater opportunity for appreciation but may involve greater risks than those customarily associated with more established companies as they are generally more likely to be adversely affected by poor economic or market conditions.

Financial Derivative InstrumentsThe fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.


(%)10.6

-3.6

11.1

33.2

14.6

-0.2

4.0

14.7

-8.4

29.1

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







5






Redemption Fee N/A





Performance Fee N/A



Other Fees









6

PRODUCT KEY FACTS




Quick facts









Base currency: USD

Dividend policy *: Class ASubject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.






Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through a focused portfolio invested in companies having their head office or exercising a predominant part of their activity in the US. The income from the fund is expected to be low.






Fidelity Funds - American Growth Fund

7





Equities




Valuation Risk







(%)

14.0

-5.0

7.3

39.5

11.6

-0.1

5.3

20.9

-5.3

35.0

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








8






Redemption Fee N/A





Performance Fee N/A



Other Fees








9

PRODUCT KEY FACTS


Fidelity Funds - ASEAN Fund



Quick facts






Ongoing charges over a year^: Class A-USD: 1.95% Class A-ACC-HKD: 1.95% Class A-ACC-USD: 1.95% Class Y-ACC-USD: 1.10%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on the stock exchanges in the ASEAN region, such as Singapore, Malaysia, Thailand, Philippines and Indonesia. The ASEAN countries are defined as the members of the Association of South East Asian Nations, which may include certain countries considered to be emerging markets.The fund invests in the ASEAN region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.



10

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI AC ASEAN Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.








Equities


Valuation Risk


Emerging Markets

This fund invests in emerging market securities which may involve increased risks and special considerations not typically associated with the investment in securities in more developed markets. The price of these securities may be more volatile and/or less liquid than those of securities in more developed markets.

This volatility or lack of liquidity may stem from political, economic, legal, taxation, settlement, transfer of securities, custody and currency/currency control factors.

Although care is taken to understand and manage these risks, the fund and accordingly the shareholders in the fund will ultimately bear the risks associated with investing in these markets.








11


(%)

35.3 32.2

-30

-20

-10

0

10

20

30

50

40

9.8 8.5

-7.3 -8.6

26.5 29.9

4.8 6.0

-17.7 -18.5

7.0 6.2

-4.8 -4.7

22.1 22.5

-7.7 -6.3

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







The benchmark is the MSCI AC ASEAN Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees



12








13

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.93% Class A-ACC-Euro: 1.93% Class A-Euro: 1.93% Class C-USD: 2.93% Class A-ACC-USD: 1.93% Class Y-ACC-USD: 1.08%



Base currency: USD

Dividend policy *: Class A & Class C Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.





Class A & Class C USD 2,500 USD 1,000



Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on stock exchanges in Asia excluding Japan. This region includes certain countries considered to be emerging markets.The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund invests in Asia excluding Japan and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.


Fidelity Funds - Asia Focus Fund

14


The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI All Country Asia ex-Japan (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.








Equities


Valuation Risk


Emerging Markets









15



The performance during the years prior to 2016 was achieved under circumstances that may no longer apply as the investment objective was changed in 2016.

(%)

-30

-20

-10

0

10

20

30

50

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

21.1 19.4

-18.1 -14.8

19.4 22.0

4.5 3.8

-2.6

3.2

-9.6 -7.5

3.2 5.4

41.8 41.7

-11.9 -14.4

24.0 18.2







The benchmark is the MSCI All Country Asia ex-Japan (Net) Index.




Subscription Fee Class A – Up to 5.25% of NAVClass C & Class Y – 0%


Redemption Fee N/A



Management Fee* Class A & Class C – Up to 1.50% p.a. of NAVClass Y – Up to 0.80% p.a. of NAV


Performance Fee N/A



Other Fees


16








17

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-Euro: 1.95%



Base currency: USD

Dividend policy *: Class A-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.






Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund's assets) comprised of securities of companies that have their head office or main activities in countries of the Asia Pacific (excluding Japan) region. This region includes certain countries considered to be emerging markets. The income from the fund is expected to be low.

The fund invests in the Asia Pacific (excluding Japan) region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.

The fund will invest in a limited number of securities, resulting in a reasonably concentrated portfolio.


Fidelity Funds - Asia Pacific Opportunities Fund

18









Equities


Valuation Risk


Emerging Markets








Investments in Medium and Small Companies





19


The performance during the years prior to 2014 was achieved under circumstances that may no longer apply as the investment objective was changed in 2013 and in 2014.

(%)

25.6

-13.0

19.5

-1.5

16.3 12.0 12.2

23.3

-7.5

31.2

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019






appropriate representative share class as it has the longest track record. The representative share class of the fund was changed from Class A-Euro to Class A-ACC-Euro on 27 April 2016 as the old representative share class was terminated on this date.






Redemption Fee N/A





Performance Fee N/A



Other Fees



20








21

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.95 % Class A-ACC-Euro: 1.95% Class A-ACC-USD: 1.95 % Class Y-ACC-USD: 1.10%



Base currency: USD









Objectives and investment policy The fund is an Equity fund and aims to achieve long-term capital growth by investing primarily (i.e. at least 70% of the

fund's assets) in a diversified portfolio of smaller companies that have their head office or exercise a predominant part of their activities in Asia Pacific (excluding Japan). This region includes certain countries considered to be emerging markets. The income from the fund is expected to be low.

The fund invests in Asia Pacific (excluding Japan) and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

Smaller companies are generally defined as having a market capitalisation range of less than USD 5,000 million in terms of the company’s full market capitalisation. The fund may have an exposure to companies with market capitalisations falling outside this range.


Fidelity Funds - Asian Smaller Companies Fund

22









Equities


Valuation Risk


Emerging Markets











23




(%)

22.4

30.7

13.4

-6.5

13.5

21.6

-9.7

4.0

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019












Redemption Fee N/A





Performance Fee N/A



Other Fees


24

Additional Information You generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your

request, directly or via a distributor, in good order at or before 5.00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).







25

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.93% Class A-ACC-Euro: 1.93% Class A-ACC-USD: 1.93% Class Y-ACC-USD: 1.08%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.

The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in special situations stocks and smaller growth companies in Asia (ex Japan). This region includes certain countries considered to be emerging markets. Special situations stocks generally have valuations which are attractive in relation to net assets or earnings potential with additional factors which may have a positive influence on their share price.

The fund invests in Asia, excluding Japan and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited,the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.

Fidelity Funds - Asian Special Situations Fund

26

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, currency or asset classes. In selecting securities for the fund, several factors are considered in the investment process; for example, consideration may include, but is not limited to, a company’s financials, including revenue and profit growth, return on capital, cash flows and other financial measures. In addition, company management, industry and economic environment, and other factors may be considered in the investment process.








Equities


Valuation Risk


Emerging Markets











27




(%)

20.6

-16.8

17.9

7.4 6.3

-4.8

6.9

41.6

-14.6

20.8

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees


28








29

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-AUD: 1.93% Class A-ACC-AUD: 1.93%



Base currency: AUD


Class A-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Australian equity securities.






Fidelity Funds - Australia Fund

30





Equities


Valuation Risk











(%)0.8

-10.0

20.5 22.4

3.9 3.9 5.1 10.0

-4.2

25.6

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-AUD increased or decreased in value during the calendar year being shown. Performance data has been calculated in AUD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1991 Class A-AUD launch date: 1991 Class A-AUD is selected as the most appropriate



31






Redemption Fee N/A





Performance Fee N/A



Other Fees









32

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.91% Class A-ACC-Euro: 1.91% Class A-ACC-USD: 1.91% Class A-ACC-AUD (hedged): 1.91% Class A-ACC-HKD: 1.91% Class Y-ACC-USD: 1.06% Class A-Euro: 1.91%



Base currency: USD


Class A-ACC, Class A-ACC (hedged) & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.








The fund is an Equity fund and aims to achieve long-term capital growth through investing primarily (i.e. at least 70% of the fund's assets) in equity securities of companies having their head office or exercising a predominant part of their activities in China or Hong Kong. China is considered to be an emerging market. The income from the fund is expected to be low.

The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.


Fidelity Funds - China Consumer Fund

33









Equities


Valuation Risk


QFII Risk

The fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments, minimum investment holding periods and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect.

The fund may suffer substantial losses if there is insufficient QFII quota allocated for the fund to make investments, the approval of the QFII is being revoked/terminated or otherwise invalidated as the fund may be prohibited from trading of relevant securities and repatriation of the fund’s monies, or if any of the key operators or parties (including QFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).

Risks associated with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (collectively, the "Stock Connect")

The fund may invest and have direct access to certain eligible China A Shares via the Stock Connect. The relevant rules and regulations on Stock Connect are subject to change which may have potential retrospective effect.

Investments through the Stock Connect are subject to risks, such as quota limitations, suspension risk, operational risk, restrictions on selling imposed by front-end monitoring, recalling of eligible stocks, clearing and settlement risks, nominee arrangements in holding China A Shares and regulatory risk.

Where a suspension in the trading through the programme is effected, the fund’s ability to invest in China A-shares or access the PRC market through the programme will be adversely affected. In such event, the fund’s ability to achieve its investment objective could be negatively affected.

Chinese Renminbi Currency and Conversion Risk

Chinese Renminbi (RMB) is currently traded in two markets: one in Mainland China (onshore RMB, or CNY) and one outside Mainland China (primarily in Hong Kong) (offshore RMB, or CNH). Although CNH and CNY are the same currency, they trade at different rates, and any divergence between CNH and CNY may adversely impact investors. CNY is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland China, whereas CNH is freely tradable. There is no guarantee that the value of RMB against the investors’ base currencies will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.


34

China Assets Risk

Investments by a fund in China A/B Shares and other permissible securities denominated in RMB may be made through any permissible means pursuant to any prevailing regulations, including through the Qualified Foreign Institutional Investor (“QFII”) quota, the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect programmes (collectively, “Stock Connect”) and any other eligible means . The uncertainty and change of the relevant laws and regulations in the People’s Republic of China (“PRC”) and the potential for the PRC government and/or the regulators to implement political, social and economic policies that may affect the financial markets may have an adverse impact on such a fund.

High market volatility and potential settlement difficulties in the PRC markets may also result in significant fluctuations in the prices of the securities traded on such markets.



Emerging Markets












(%)

21.1 27.5

0.1

-3.1

0.3

52.9

-20.9

23.8

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








35







Redemption Fee N/A





Performance Fee N/A



Other Fees








36

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.91% Class C-USD: 2.91% Class A-ACC-Euro: 1.91% Class Y-ACC-USD: 1.06% Class A-ACC-HKD: 1.91%



Base currency: USD






Class A & C USD 2,500 USD 1,000




The fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.

The fund will primarily (i.e. at least 70% of the fund's assets) focus on China through investment in securities of Chinese companies listed in China and Hong Kong, as well as securities in non-Chinese companies which have a significant portion of their activities in China. China is considered to be an emerging market.

The fund invests in China and Hong Kong. The fund is unconstrained in the amount that it may invest in either Hong Kong or China.


Fidelity Funds - China Focus Fund

37










Equities


Valuation Risk


QFII Risk










38


China Assets Risk





Emerging Markets












(%)5.6

-20.2

16.2 9.9 11.7

-0.9

3.1

41.2

-12.2

14.5

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019






39







Redemption Fee N/A





Performance Fee N/A



Other Fees








40

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.94% Class A-ACC-HKD: 1.94%



Base currency: USD








Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth through investing primarily (i.e. at least 70% of the fund's assets) in securities of companies having their head office or main activities in China or Hong Kong. China is considered to be an emerging market. The income from the fund is expected to be low.

The fund invests in China and Hong Kong. The fund is unconstrained in the amount that it may invest in either Hong Kong or China.

The fund will potentially invest indirectly up to 10% of its net asset value in securities listed in the China A Shares and B Shares markets. The fund will have indirect exposures to the China A Shares markets through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.



Fidelity Funds - China Opportunities Fund

41








Equities


Valuation Risk


QFII Risk










42

China Assets Risk





Emerging Markets











(%)13.5

-22.3

18.1 8.3

2.6

-5.8 -0.4

45.9

-16.3

21.0

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








43







Redemption Fee N/A





Performance Fee N/A



Other Fees








44

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.94% Class A-ACC-Euro: 1.94% Class A-Euro: 1.94% Class A-ACC-HKD: 1.94% Class A-ACC-USD: 1.94% Class Y-ACC-USD: 1.09%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to generate long-term capital growth through investing principally (i.e. at least 70% (and normally 75%) of the fund's assets) in securities of companies that have their head office or main activities in the less developed countries of Asia. The countries are emerging markets according to the MSCI Emerging Markets Asia Index. The income from the fund is expected to be low.The fund invests in less developed countries of Asia and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.

Fidelity Funds - Emerging Asia Fund

45










Equities


Valuation Risk


Emerging Markets









46




(%)

26.0

-21.2

19.3

0.6

13.9

-6.5

3.2

43.4

-11.9

17.1

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019












Redemption Fee N/A





Performance Fee N/A



Other Fees


47








48

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.95% Class A-ACC-Euro: 1.95% Class A-Euro: 1.95% Class Y-ACC-USD: 1.10% Class A-ACC-USD: 1.95%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth through investing primarily (i.e. at least 70% of the fund's assets) in securities of companies having their head office or main activities in the less developed countries of Central, Eastern and Southern Europe (including Russia), the Middle East and Africa including those that are considered as emerging markets according to the MSCI EM Europe, Middle East and Africa Index. The income from the fund is expected to be low.

The fund invests in less developed countries of Central, Eastern and Southern Europe (including Russia), Middle East and Africa and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.



Fidelity Funds - Emerging Europe, Middle East and Africa Fund

49








Equities


Valuation Risk


Emerging Markets




Russia

This fund invests in Russia and the Russian market presents specific risks in relation to the settlement and safekeeping of securities as well as regarding the registration of assets where registrars are not always subject to effective government or other supervision.








50



(%)

29.4

-21.2

23.2

7.7

-8.6

-15.6

10.4

26.8

-18.7

21.7

-30

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



51








52

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.94% Class A-ACC-USD: 1.94% Class A-Euro: 1.94% Class I-ACC-USD: 0.93%



Base currency: USD

Dividend policy *: Class A Subject to the Board’s discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.

Class A-ACC & Class I-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.





Class I USD 10,000,000 USD 100,000


Objectives and investment policy The fund is an Equity fund and aims to achieve capital growth by investing primarily (i.e. at least 70% of the fund's

assets) in the equity securities of, and related instruments (e.g. depositary receipts) providing exposure to, companies that have their head office in, are listed in, or exercise a predominant part of their activity in developing markets including, although not limited to, countries in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. The income from the fund is expected to be low.

The fund invests in Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, industries or asset classes, as applicable.

As part of the primary investments described above, the fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity linked notes.

Fidelity Funds - Emerging Markets Focus Fund

53

The fund invests in a limited number of securities (generally between 20 to 80 under normal market conditions), resulting in a reasonably concentrated portfolio.








Equities


Valuation Risk


Emerging Markets











54


(%)

-11.9

7.0

40.6

-13.3

29.5

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019






representative share class as it has the longest track record and is denominated in the fund’s base/reference currency.




Subscription Fee Class A – Up to 5.25% of NAV Class I – 0%


Redemption Fee N/A



Management Fee* Class A – Up to 1.50% p.a. of NAV Class I – Up to 0.80% p.a. of NAV


Performance Fee N/A



Other Fees



55








56

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.93% Class A-ACC-USD: 1.93% Class A-USD (hedged): 1.93% Class Y-ACC-USD: 1.08% Class A-Euro: 1.93%



Base currency: USD

Dividend policy *: Class A & Class A (hedged)Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.

Class A-ACC & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively

out of capital.






Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities of areas experiencing rapid economic growth including countries in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East. These regions include emerging markets.The fund invests in Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.The fund will potentially invest up to 10% of its net asset value directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.

Fidelity Funds - Emerging Markets Fund

57










Equities


Valuation Risk


Emerging Markets









58




(%)

19.6

-16.9

16.3 11.4

-1.1 -6.9

-1.5

42.6

-20.6

28.1

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees


59








60

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.93% Class A-ACC-USD (hedged): 1.93% Class A-ACC-Euro: 1.93%



Base currency: Euro


Class A-ACC & Class A-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in blue chip equities in countries that are members of the Economic and Monetary Union and at least 70% of which are denominated in Euro.




Fidelity Funds - Euro Blue Chip Fund

61







Equities


Valuation Risk


Eurozone Risk

In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the fund.




The fund’s net derivative exposure may be up to 50% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant sloss by the fund.



(%)9.0

-16.0

31.4

21.1

4.1 12.4

-4.8

10.1

-14.2

28.1

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-Euro increased or decreased in value during the calendar year being shown. Performance data has been calculated in Euro including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1998 Class A-Euro launch date: 1998 Class A-Euro is selected as the most appropriate



62







Redemption Fee N/A





Performance Fee N/A



Other Fees








63

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 0.30% Class A-ACC-Euro: 0.30%


Tracking difference of the last Class A-Euro: +0.05% calendar year : Class A-ACC-Euro: +0.02%

Source: Fidelity, NAV-NAV basis, with income reinvested, in Euro, net of annual fees, but excluding any initial charge, versus EURO STOXX 50® (Net Total Return) Index.

Underlying Index: EURO STOXX 50® Index


Base currency: Euro








Objectives and investment policyThe fund aims to track the performance of the EURO STOXX 50® Index (before fees and expenses) thereby seeking to achieve long term capital growth. The income from the fund is expected to be low.

The fund uses an “index tracking” (also known as “passive”) investment management approach whereby it aims to replicate the composition of the index. However, for reasons such as liquidity or excessive cost, it may not always be practical for the fund to invest in every company share in the index or at its weighting within the index.

In order to manage the cash position, the fund may invest in collective investment schemes (such as liquidity funds), including those managed by FIL Group, in addition to money market instruments, cash and deposits.

As well as investing directly in company shares, the fund will also achieve exposure indirectly through the use of derivatives for efficient portfolio management purposes, for example, at the time of cash inflows to remain fully invested or to reduce transaction costs.

Fidelity Funds - EURO STOXX 50® Fund

64




Index

The index represents the performance of the 50 largest companies among the 19 super-sectors+ in terms of free-float market cap in 11 Eurozone countries. These countries include Austria, Belgium, Finland, France, Germany, Luxembourg, Ireland, Italy, the Netherlands, Portugal and Spain. The index has a fixed number of components and is part of the STOXX blue-chip index family. The index captures about 60% of the free-float market cap of the EURO STOXX Total Market Index (TMI).

Due to the concentrated nature of the index, it will not at all times of the cycle fully represent the broader market, as it may have a bias in terms of sectors, countries, cyclicality, style etc. The index is weighted based on free float market capitalisation subject to a cap of 10% for any individual constituent. The index composition is reviewed annually.

As at 31 July 2020, the top 10 largest constituent securities of the index were:

Rank Company ICB Super-Sector Weighting (as % of Index)

1. SAP TECHNOLOGY 6.46

2. ASML HOLDING TECHNOLOGY 5.63

3. LINDE CHEMICALS 5.03

4. SANOFI HEALTH CARE 4.44

5. LVMH PERSONAL & HOUSEHOLD GOODS 4.30

6. TOTAL OIL & GAS 3.59

7. SIEMENS INDUSTRIAL GOODS & SERVICES 3.58

8. ALLIANZ INSURANCE 3.24

9. L’OREAL PERSONAL & HOUSEHOLD GOODS 3.04

10. UNILEVER PERSONAL & HOUSEHOLD GOODS 3.03

Investors may obtain the latest Index information (including the Index constituents and their respective weightings), detailed information on the Index methodology (including the calculation formula), and other important news of the Index at the website of the index provider, https://www.stoxx.com/index-details?symbol=sx5e*. This website has not been reviewed by the SFC.





Equities


Valuation Risk


Eurozone Risk


+ This is determined by the Industry Classification Benchmark (“ICB”), which is an industry classification taxonomy used to segregate markets into sectors within the macroeconomy.

* Please refer to the tab “Data/Component Information” for information on the remaining Index constituents and their respective weightings. 65





Tracking Difference Risk

The fund may be subject to tracking difference risk, which is the risk that its performance may not track that of the index exactly. This tracking difference may result from the investment strategy used, fees and expenses and taxes. The Investment Manager will monitor and seek to manage such risk in minimising tracking difference. There can be no assurance of exact or identical replication at any time of the performance of the index.

Passive Investment Risk

The fund is passively managed and the Investment Manager will not have the discretion to adapt to market changes due to the inherent investment nature of the fund. Falls in the index are expected to result in corresponding falls in the value of the fund.



(%)

-3.0

-14.1

19.3 20.9

-2.8

-14.1 -11.4 -12.0

18.1 21.5

-30

-20

-10

0

10

20

30

40

4.0 4.4 3.7 4.3 9.2

28.2 28.2

9.5 6.4 5.9

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Class A-Euro Benchmark




The benchmark of the fund/Class A -Euro is EURO STOXX 50® Index (total return index, net of withholding taxes).





66





Redemption Fee N/A





Performance Fee N/A



Other Fees









67

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.90% Class Y-Euro: 1.05% Class A-ACC-Euro: 1.90% Class Y-ACC-Euro: 1.05% Class A-ACC-USD (hedged): 1.90%



Base currency: Euro

Dividend policy *: Class A & Class Y Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.








Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth principally (i.e at least 70% (and normally 75%) of the fund’s assets) through investment in an actively managed portfolio of companies that have their head office or exercise a predominant part of their activity in Europe. The income from the fund is expected to be low.

The fund will typically have a bias towards medium sized companies with a market capitalisation of between 1 and 10 billion Euros.



Fidelity Funds - European Dynamic Growth Fund

68








Equities


Valuation Risk


Eurozone Risk







* On 20 July 2015, Fidelity Funds - European Aggressive Fund was merged into the fund.

(%)

22.6

-10.6

28.9

18.2

4.9

24.4

-0.8

15.1

-5.0

39.7

-20

0

20

40

60

2010 2011 2012 2013 2014 2015* 2016 2017 2018 2019







69






Redemption Fee N/A





Performance Fee N/A



Other Fees









70

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.89% Class C-Euro: 2.90% Class A-ACC-Euro: 1.89% Class Y-ACC-Euro: 1.04% Class A-ACC-USD (hedged): 1.89%



Base currency: Euro






Class A & C USD 2,500 USD 1,000



Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on European stock exchanges.



Fidelity Funds - European Growth Fund

71








Equities


Valuation Risk


Eurozone Risk







* On 7 November 2016, Fidelity Funds - MoneyBuilder Europe Fund (non SFC-authorized) merged into Fidelity Funds - European Growth Fund.

(%)

16.3

-14.8

17.0 19.5

8.2 8.7 6.4 6.9

-9.6

23.8

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016* 2017 2018 2019







72







Redemption Fee N/A





Performance Fee N/A



Other Fees








73

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.91% Class Y-Euro: 1.06% Class A-ACC-Euro: 1.91%



Base currency: Euro

Dividend policy *: Class A & Class Y Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.








Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth primarily (i.e. at least 70% of the fund's assets) through investments in equity securities of larger European companies. The income from the fund is expected to be low.




Fidelity Funds - European Larger Companies Fund

74







Equities


Valuation Risk


Eurozone Risk







(%) 5.8

-2.7

20.3 19.5

8.1 8.5 6.2 6.6

-9.6

23.8

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







75






Redemption Fee N/A





Performance Fee N/A



Other Fees









76

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.93% Class A-ACC-USD (hedged): 1.93% Class A-ACC-Euro: 1.93% Class Y-ACC-Euro: 1.08%



Base currency: Euro










The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities of small and medium sized European companies.




Fidelity Funds - European Smaller Companies Fund

77







Equities The fund’s investment in equities securities may fluctuate, sometimes dramatically, in response to the activities and

results of individual companies or because of general market and economic conditions or other events including changes in investment sentiment, political and economic conditions and issuer-specific factors.







Investments in Medium and Small Companies The prices of securities of medium and small companies generally are more volatile than those of larger companies;

the securities are often less liquid and these companies may be subject to more abrupt fluctuations in market price than larger, more established companies. Investments in securities of companies with medium and small market capitalisations are generally considered to offer greater opportunity for appreciation but may involve greater risks than those customarily associated with more established companies as they are generally more likely to be adversely affected by poor economic or market conditions.




(%)

32.0

-18.7

25.2 28.5

1.4

25.9

1.9

18.0

-13.1

28.7

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







78






Redemption Fee N/A





Performance Fee N/A



Other Fees









79

PRODUCT KEY FACTS




Quick facts



Investment Advisor: Internal and/or external sub-delegation to one or more Investment Advisors as described in “The Investment Manager” section under Part IV of the Hong Kong Prospectus (~Note)~ Note: The list of all Investment Advisors having managed all or part of the assets

of each fund over the last six or twelve months will be published in the annual and semi-annual financial reports.


Ongoing charges over a year^: Class A-USD: 1.95% Class Y-ACC-USD: 1.09% Class A-ACC-Euro: 1.95%



Base currency: USD


Class A-ACC and Class Y-ACC

No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







Objectives and investment policyThe fund is an equity fund and aims to provide long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund’s assets) made up of equity securities of companies in developed and emerging market countries throughout the world. The income from the fund is expected to be low.

The term “FIRST” stands for “Fidelity Research Strategy” and is included as part of the fund’s name as it adopts the FIRST investment process. The FIRST investment process employs quantitative methods to capture the highest conviction (i.e. most favoured) ideas generated by the Investment Manager’s research analysts whilst also seeking consistency and repeatability of the investment outcomes. Qualitative judgement is then applied to ensure that only stocks that meet the portfolio management team’s criteria are included in the fund’s portfolio and stock selection is the primary driver of both risk and return. For the avoidance of doubt, the usage of the term "FIRST" is not indicative of the fund's performance or returns.

Fidelity Funds - FIRST All Country World Fund

80


The fund will potentially invest up to 10% of its NAV directly in China A and B shares, with aggregate exposure including direct and indirect investments being less than 30% of its NAV. The fund will have direct exposures to the China A Shares markets through the QFII quota of FIL Investment Management (Hong Kong) Limited the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively “Stock Connect”) or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes.

The Investment Manager is not restricted in its choice of companies either by size of industry, or in terms of geographical allocation of the portfolio, and will choose investments largely determined by the availability of attractive opportunities. Investments are usually focused in the highest conviction stock recommendations identified by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund.


The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI All Countries World (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Benchmark. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.


The fund will not invest more than 10% of its NAV in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.






Equities


Valuation Risk



81




The fund’s net derivative exposure may be up to 50% of its net asset value. The use of financial derivative instruments may give rise to leverage risk, liquidity risk, counterparty credit risk, volatility risk, valuation risks and over-the-counter transaction risk at times. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. In adverse situations, the fund’s use of financial derivative instruments may become ineffective and the fund may suffer significant losses.


* On 16 December 2019, Fidelity Funds - Global Opportunities Fund merged into Fidelity Funds - FIRST All Country World Fund.

(%)

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019*

2.8

-2.4

2.9 7.9

23.8 24.0

-11.7 -9.4

29.7 26.6

Class Y-ACC-USD Benchmark



These figures show by how much the Class Y-ACC-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.


Fund launch date: 2014 Class Y-ACC-USD launch date: 2014 Class Y- ACC-USD is selec ted as the most


The benchmark is the MSCI All Countries World (Net) Index.



82





Switching Fee Generally up to 1% of NAV, except if you are switching from one class with no subscription fee into a class with subscription fee, you will have to pay for a switching fee of up to the full subscription fee of the class to be switched.

Redemption Fee N/A





Performance Fee N/A


* The management fee can be increased to a maximum annual rate of 2% of the NAV of the fund. In the event of such increase, not less than 3 months’ notice will be given to you.

Other Fees


Additional InformationYou generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your request, directly or via a distributor, in good order at or before 5:00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).






83

PRODUCT KEY FACTS




Quick facts









Base currency: Euro







Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth by investing principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities which have a value style bias and are issued by companies having their head office or exercising a predominant part of their activity in Europe. Investments are usually focused in the highest conviction stock recommendations identified by FIL Group research analysts, other than in extreme market conditions or where required to meet the investment objective of the fund. The income from the fund is expected to be low.

The term “FIRST” stands for “Fidelity Research Strategy” and is included as part of the fund’s name as it adopts the FIRST investment process. The FIRST investment process employs quantitative methods to capture the highest conviction (i.e. most favoured) ideas generated by the Investment Manager’s research analysts whilst also seeking consistency and repeatability of the investment outcomes. Qualitative judgement is then applied to ensure that only stocks that meet the portfolio management team’s criteria are included in the fund’s portfolio and stock selection is the primary driver of both risk and return. For the avoidance of doubt, the usage of the term "FIRST" is not indicative of the fund's performance or returns.


Fidelity Funds - FIRST European Value Fund

84









Equities


Valuation Risk


Eurozone Risk







85


(%)

13.5

23.3

5.0 7.8

0.4

7.9

-14.2

20.4

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019












Redemption Fee N/A





Performance Fee N/A



Other Fees



86








87

PRODUCT KEY FACTS




Quick facts









Base currency: Euro









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in French equity securities.






Fidelity Funds - France Fund

88





Equities


Valuation Risk


Eurozone Risk











(%)

5.6

-14.6

27.0

18.2

2.9

14.4

4.4 11.9

-27.7

15.4

-40

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







89







Redemption Fee N/A





Performance Fee N/A



Other Fees








90

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.92% Class A-ACC-USD (hedged): 1.92% Class A-ACC-Euro: 1.92%



Base currency: Euro








Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in German equity securities.






Fidelity Funds - Germany Fund

91





Equities


Valuation Risk




Eurozone Risk









(%)

21.6

-16.5

32.1 33.3

-0.6

20.9

-3.6

17.1

-14.6

31.1

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







92







Redemption Fee N/A





Performance Fee N/A



Other Fees








93

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.91% Class Y-ACC-Euro: 1.06% Class A-ACC-USD: 1.91%



Base currency: Euro


Class A-ACC and Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







Objectives and investment policyThe fund is an Equity fund and aims to provide investors with long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in equity securities of companies throughout the world which are involved in the manufacture and distribution of goods to consumers. The income from the fund is expected to be low.




Fidelity Funds - Global Consumer Industries Fund

94







Equities


Valuation Risk





The fund may invest in a single sector and may have greater exposures to the market, liquidity, tax, legal, regulatory, and economic risks of those sectors than a fund which diversifies across a number of sectors. This may result in lower liquidity of the fund’s assets and/or a higher volatility of the net asset value than a fund that diversifies across more sectors.




(%)

25.4

-0.1

16.2 19.5 19.1

15.4

1.5

13.1

-3.3

28.3

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








95





Redemption Fee N/A





Performance Fee N/A



Other Fees









96

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.93%



Base currency: USD







Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund's assets) in equity securities of companies throughout the world that are able to benefit from demographics changes. The income from the fund is expected to be low.

Investments will include health care and consumer industry companies that stand to benefit from the effects of growing life expectancy in ageing populations, and the creation of wealth in emerging markets. Less than 30% of the fund’s assets may be invested in emerging markets.





Fidelity Funds - Global Demographics Fund

97







Equities


Valuation Risk




Eurozone Risk







(%)

22.6

12.1

3.8

-6.1

31.9

-7.2

25.9

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-ACC-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.





98







Redemption Fee N/A





Performance Fee N/A



Other Fees








99

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.91% Class Y-ACC-Euro: 1.06% Class A-Euro: 1.91%



Base currency: Euro


Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in equity securities of companies throughout the world that are involved in providing financial services to consumers and industry. The income from the fund is expected to be low.





Fidelity Funds - Global Financial Services Fund

100







Equities


Valuation Risk









(%)

14.9

-16.4

25.9 18.2 18.1

13.3 8.2 9.3

-11.8

25.7

-40

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








101





Redemption Fee N/A





Performance Fee N/A



Other Fees









102

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.93% Class A-ACC-Euro (hedged): 1.93% Class A-Euro: 1.93% Class Y-ACC-USD: 1.08% Class A-ACC-USD: 1.93%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund's assets) invested in stocks across the world’s stock markets. As this fund may invest globally, it may be exposed to countries considered to be emerging markets. The income from the fund is expected to be low.



Fidelity Funds - Global Focus Fund

103

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI All Countries World (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Benchmark. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.








Equities


Valuation Risk









104


* On 23 May 2016, Fidelity Funds - Global Real Asset Securities Fund merged into Fidelity Funds - Global Focus Fund.

(%)

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016* 2017 2018 2019

19.2

11.8

-11.0 -6.2

17.3 16.1

22.9 22.8

2.6 4.2 1.5

-2.4

3.7 7.9

26.3 24.0

-10.2 -9.4

27.3 26.6







The benchmark is the MSCI All Countries World (Net) Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees



105








106

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.91% Class A-ACC-USD: 1.91% Class A-ACC-Euro: 1.91% Class Y-ACC-Euro: 1.06%



Base currency: Euro









Objectives and investment policyThe fund is an Equity fund and aims to provide investors with long-term capital growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in equity securities of companies throughout the world that are involved in the design, manufacture, or sale of products and services used in health care, medicine or biotechnology. The income from the fund is expected to be low.




Fidelity Funds - Global Health Care Fund

107







Equities


Valuation Risk











(%) 12.0

2.4

13.6

27.6

37.8

18.4

-10.3

4.3 9.5

26.8

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







108






Redemption Fee N/A





Performance Fee N/A



Other Fees









109

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.95% Class Y-ACC-Euro: 1.10%



Base currency: Euro









Objectives and investment policyThe fund is an Equity fund and aims to provide investors with long-term capital growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investmentin equity securities of companies throughout the world that are involved in the research, development, manufacture, distribution, supply, or sale of materials, equipment, products or services related to cyclical and natural resources industries. As this fund may invest globally, it may be exposed to countries considered to be emerging markets. The income from the fund is expected to be low.For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, currency or asset classes.



Fidelity Funds - Global Industrials Fund

110







Equities


Valuation Risk









(%)

29.8

-15.1

6.4

14.2

2.6

-0.7

25.8

-2.6 -7.6

22.0

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







111






Redemption Fee N/A





Performance Fee N/A



Other Fees









112

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.95% Class A-MINCOME(G)-HKD (hedged): 1.95% Class A-ACC-Euro: 1.95% Class A-MINCOME(G)-AUD (hedged): 1.95% Class A-MINCOME(G)-USD (hedged): 1.95%



Base currency: Euro



Class A-MINCOME(G) (hedged)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.


# Investors should note that as fees and expenses may be charged to capital of the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.





Fidelity Funds - Global Infrastructure Fund

113

Objectives and investment policyThe fund is an Equity fund and aims to provide investors with income and long-term capital growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in the equity securities of companies throughout the world, selected from a universe of infrastructure sectors including, but not limited to, telecommunications, utilities, energy, transportation and social (including educational services and healthcare facilities). As this fund may invest globally, it may be exposed to countries considered to be emerging markets.










Equities


Valuation Risk


Eurozone Risk








114










(%)

19.1

2.7

6.8

21.0

9.9 11.6

0.5

-5.0 -3.5

18.8

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







115





Redemption Fee N/A





Performance Fee N/A



Other Fees




The composition of dividend paid out of net distributable income and capital for the last 12 months are available from the Hong Kong Representative on request and also on the fund’s website: https://www.fidelityinternational.com/legal/documents/FF/HK-zh_en/fdpc.ff.HK-zh_en.HK.pdf*.





116

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.95% Class A-ACC-Euro: 1.95% Class A-Euro: 1.95% Class A-ACC-USD: 1.95%



Base currency: USD








Objectives and investment policyThe fund is an Equity fund and aims to achieve a combination of income and long-term capital growth primarily (i.e. at least 70% of the fund's assets) from investments in securities of companies principally engaged in the real estate industry and other real estate related investments. As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.



# This fund is authorised by the Securities and Futures Commission in Hong Kong under the Securities and Futures Commission Code on Unit Trusts and Mutual Funds and not under the Securities and Futures Commission Code on Real Estate Investment Trusts.

Fidelity Funds - Global Property Fund#

117

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the FTSE EPRA/NAREIT Developed (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Benchmark. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.








Equities


Valuation Risk


Income-producing securities

Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be reduced potential for capital appreciation for equity securities.



Real Estate Investment Trusts (“REIT”) Risk

The fund may invest in REITS which are primarily indirect investments in real estate and are generally less liquid. Limited liquidity may affect the ability of a REIT to vary its investment portfolio or liquidate part of its assets in response to changes in economic conditions, international securities markets, foreign exchange rates, interest rates, real estate market or other conditions. Heavy cash flow dependency, borrowers’ default risk, decline in the credit rating of the REIT and interest rates rise will potentially lead to a decline in the value of the investments.



Fidelity Funds - Global Property Fund

118





(%)

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

17.6 19.6

-8.5 -6.5

24.8 27.7

2.6 3.7

18.1 15.0

-2.7 -0.8 -0.7

4.1

11.2 10.4

-6.9 -5.6

21.6 21.9







The benchmark i s the F TSE EPRA/NAREIT Developed (Net) Index.


What are the fees and charges?

Charges which may be payable by you




Redemption Fee N/A





Performance Fee N/A



Other Fees


119








120

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.89% Class A-ACC-USD (hedged): 1.89% Class A-ACC-USD: 1.89% Class Y-ACC-Euro: 1.04%



Base currency: Euro









Objectives and investment policyThe fund is an Equity fund and aims to provide investors with long-term capital growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in equity securities of companies throughout the world that have, or will, develop products, processes, or services that will provide, or will benefit significantly from, technological advances and improvements. As this fund may invest globally, it may be exposed to countries considered to be emerging markets. The income from the fund is expected to be low.



Fidelity Funds - Global Technology Fund

121








Equities


Valuation Risk









(%)20.8

-7.2

12.2

22.8

33.8

21.5 19.8 19.4

0.5

46.5

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







122






Redemption Fee N/A





Performance Fee N/A



Other Fees









123

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.94% Class Y-ACC-USD: 1.09%



Base currency: USD










The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on stock exchanges in the Greater China region, which includes Hong Kong, China and Taiwan. This region includes certain countries considered to be emerging markets.


The fund invests in the Greater China region, which includes Hong Kong, China, and Taiwan and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

Fidelity Funds - Greater China Fund

124



The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI Golden Dragon (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager may reference the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. Over longer time periods, both the fund’s portfolio and performance are expected to vary from that of the Benchmark. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.












QFII Risk The fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy

is subject to the applicable laws, rules and regulations (including restrictions on investments, minimum investment holding periods and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect.



125

Risks associated with the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect (collectively, the "Stock Connect") The fund may invest and have direct access to certain eligible China A Shares via the Stock Connect. The relevant

rules and regulations on Stock Connect are subject to change which may have potential retrospective effect.



Chinese Renminbi Currency and Conversion Risk Chinese Renminbi (RMB) is currently traded in two markets: one in Mainland China (onshore RMB, or CNY) and one

outside Mainland China (primarily in Hong Kong) (offshore RMB, or CNH). Although CNH and CNY are the same currency, they trade at different rates, and any divergence between CNH and CNY may adversely impact investors. CNY is not freely convertible and is subject to exchange controls and certain requirements by the government of Mainland China, whereas CNH is freely tradable. There is no guarantee that the value of RMB against the investors’ base currencies will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the fund. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.

China Assets Risk





Emerging Markets











126



(%)

-40

-20

0

20

60

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

16.4 13.2

-19.9 -18.7

23.1 22.2 14.2

6.9 6.8 7.7

-3.5 -7.4

4.6 5.4

48.1 43.8

-15.9 -14.8

25.4 23.8







The benchmark is the MSCI Golden Dragon (Net) Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees



127








128

PRODUCT KEY FACTS




Quick facts









Base currency: Euro









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Spanish and Portuguese equity securities.






Fidelity Funds - Iberia Fund

129





Equities


Valuation Risk


Eurozone Risk











(%)

-11.7 -8.0

21.0

32.7

-3.4

15.4

-5.1

14.5

-10.0

19.8

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







130






Redemption Fee N/A





Performance Fee N/A



Other Fees









131

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.94% Class Y-ACC-USD: 1.09% Class A-Euro: 1.94%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to provide long-term growth, principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investment in equity securities of Indian companies listed in India, as well as securities in non-Indian companies which have a significant portion of their activities in India. India is considered to be an emerging market. The income from the fund is expected to be low.



Fidelity Funds - India Focus Fund

132












Emerging Markets This fund invests in emerging market securities which may involve increased risks and special considerations not

typically associated with the investment in securities in more developed markets. The price of these securities may be more volatile and/or less liquid than those of securities in more developed markets.












133


(%)

27.6

-33.9

25.2

-6.0

36.2

-3.4 -0.9

39.4

-5.8

6.8

-60

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



134








135

PRODUCT KEY FACTS




Quick facts









Base currency: USD








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Indonesian equity securities. Indonesia is considered to be an emerging market.







Fidelity Funds - Indonesia Fund

136




Equities


Valuation Risk


Emerging Markets













(%)

44.7

1.9 7.2

-21.8

24.4

-20.8

14.4 18.7

-9.2

5.7

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







137







Redemption Fee N/A





Performance Fee N/A



Other Fees








138

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.90% Class A-ACC-USD: 1.90% Class A-Euro: 1.90% Class Y-ACC-USD: 1.05%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% of the fund's assets (and normally 75%)) in equities in markets throughout the world including major markets and smaller emerging markets.As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.



Fidelity Funds - International Fund

139

The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI World (Net) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.








Equities


Valuation Risk







140



* On 7 November 2016, Fidelity Funds - MoneyBuilder Global Fund (non SFC-authorized) merged into Fidelity Funds - International Fund.

(%)

-20

-10

0

10

20

30

40

2010 2011 2012 2013 2014 2015 2017 2018 2019 2016*

11.6 11.8

-9.3 -5.5

14.3 15.8

28.0 26.7

6.0

-0.9

4.9

-0.9

4.7 7.5

19.1 22.4

-11.1 -8.7

22.2

27.7







The benchmark is the MSCI World (Net) Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees


141








142

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.93%



Base currency: Euro







Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth by investing principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Italian equity securities. The income from the fund is expected to be low.

The fund shall invest at least 70% of its assets in shares issued by companies not engaged in real estate business, which are resident in Italy or in another European Union (EU) or European Economic Area (EEA) member state with a permanent establishment in Italy.



The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as futures, contracts for difference, equity swaps, options such as puts, calls and warrants, forwards, non-deliverable forwards and currency swaps. It is the current intention of the Investment Manager that Investment in derivatives are permitted only outside the above 70% threshold and exclusively for hedging purposes.

The fund cannot invest more than 10% of its assets in financial instruments issued by, or entered into with the same company, or companies belonging to the same group, or in cash deposits.

Fidelity Funds - Italy Fund

143

The fund cannot invest in financial instruments issued by, or entered into with, companies which are not resident in countries that allow an adequate exchange of information with Italy.



In accordance with the Italian Law No. 160 of 27 December 2019, at least 17.5% of the fund’s assets shall be securities issued by companies which are not listed in the FTSE MIB index or in any equivalent indices, and at least 3.5% of the fund’s assets shall be securities issued by companies which are not listed in the FTSE MIB index, FTSE Mid Cap index or in any equivalent indices.

















Investments in Medium and Small Companies The prices of securities of medium and small companies generally are more volatile than those of larger companies;

the securities are often less liquid and these companies may be subject to more abrupt fluctuations in market price than larger, more established companies. Investments in securities of companies with medium and small market capitalisations are generally considered to offer greater opportunity for appreciation but may involve greater risks than those customarily associated with more established companies as they are generally more likely to be adversely affected by poor economic or market conditions.




144


(%)-0.7

-23.8

25.7 32.7

-2.3

21.1

-8.6

13.3

-19.8

25.9

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



145








146

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-JPY: 1.94% Class A-ACC-USD (hedged): 1.94% Class A-ACC-JPY: 1.94% Class Y-ACC-JPY: 1.09% Class A-Euro (hedged): 1.94%



Base currency: JPY

Dividend policy *: Class A & Class A (hedged) Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.








Objectives and investment policyThe fund is an Equity fund and aims to provide long-term capital growth with the level of income expected to be low.The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities of Japanese companies listed on a Japanese stock exchange, including those listed on regional stock exchanges in Japan and on the Tokyo over-the-counter market. The fund will be primarily (i.e. at least 70% of the fund's assets) invested in equity securities of companies Fidelity considers to be undervalued.




Fidelity Funds - Japan Advantage Fund

147







Equities


Valuation Risk











(%) 5.3

-16.7

20.8

43.9

3.7 8.3

-3.4

33.8

-19.8

23.2

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-JPY increased or decreased in value during the calendar year being shown. Performance data has been calculated in JPY including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 2003 Class A-JPY launch date: 2003 Class A-JPY is selected as the most appropriate



148






Redemption Fee N/A





Performance Fee N/A



Other Fees









149

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class I-ACC-JPY: 0.90%



Base currency: JPY

Dividend policy *: Class I-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively

out of capital.



Class I USD 10,000,000 USD 100,000


Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital appreciation with the level of income expected to be low.

The fund will invest primarily (i.e. at least 70% of the fund's assets) in equity securities of companies in Japan.





Fidelity Funds - Japan Aggressive Fund

150





Equities


Valuation Risk











(%)

-1.9 -11.0

20.1

86.1

9.7 14.5 3.3

36.2

-21.9

32.7

-40

-20

0

20

40

60

80

100

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class I-ACC-JPY increased or decreased in value during the calendar year being shown. Performance data has been calculated in JPY including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 2006 Class I-ACC-JPY launch date: 2006 C lass I - ACC -JPY i s se lec ted as the mos t



151




Subscription Fee Class I – 0%


Redemption Fee N/A



Management Fee* Class I – Up to 0.80% p.a. of NAV


Performance Fee N/A



Other Fees









152

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-JPY: 1.94% Class Y-ACC-JPY: 1.09% Class A-ACC-USD (hedged): 1.94%



Base currency: JPY


Class A-ACC (hedged) & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Japanese equity securities.




Fidelity Funds - Japan Fund

153







Equities


Valuation Risk











(%)

-0.7

-21.9

18.2

45.4

7.3 8.2

-6.4

19.7

-17.4

25.4

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







154







Redemption Fee N/A





Performance Fee N/A



Other Fees








155

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-JPY: 1.95% Class Y-ACC-JPY: 1.10% Class A-ACC-USD (hedged): 1.95%



Base currency: JPY


Class A-ACC (hedged) & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in smaller and emerging companies in Japan, including those listed on regional stock exchanges in Japan and on the Tokyo over the-counter market.



Fidelity Funds - Japan Smaller Companies Fund

156








Equities


Valuation Risk













157


(%)

-2.1 -12.6

16.4

62.1

10.2 15.3

-4.1

38.3

-25.8

21.5

-60

-40

-20

0

20

40

60

80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



158








159

PRODUCT KEY FACTS




Quick facts









Base currency: USD










The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in the equity securities of Latin American issuers. This region includes certain countries considered to be emerging markets.

The fund invests in Latin America and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.



Fidelity Funds - Latin America Fund

160








Equities


Valuation Risk


Emerging Markets











161


(%)

19.3

-20.2

11.0

-12.1 -12.1

-29.3

21.1 27.3

-8.0

17.7

-60

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



162








163

PRODUCT KEY FACTS




Quick facts









Base currency: USD








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Malaysian equity securities. Malaysia is considered to be an emerging market.



The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the MSCI Malaysia IMI Custom Capped Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. However, given that the market in which the fund invests is highly concentrated, the overlap between the fund’s portfolio and the benchmark is expected to be high. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.

Fidelity Funds - Malaysia Fund

164








Equities


Valuation Risk




Emerging Markets











165



(%)

-30

-20

-10

0

10

20

30

50

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

38.5 38.5

-1.4 -0.4

12.7 14.1 8.3 8.1

-8.5 -10.6

-18.3 -18.6

-5.0 -3.9

26.7 26.8

-6.7 -8.5

1.0 0.8







The benchmark is the MSCI Malaysia IMI Custom Capped Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees


166








167

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-SEK: 1.94% Class A-ACC-SEK: 1.94% Class A-ACC-USD (hedged): 1.94% Class Y-ACC-SEK: 1.09%



Base currency: SEK










The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on the stock exchanges in Finland, Norway, Denmark and Sweden.

The fund invests in Finland, Norway, Denmark and Sweden and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.



Fidelity Funds - Nordic Fund

168








Equities


Valuation Risk









(%)

16.8

-16.8

22.8

37.3

6.3 4.4

32.1

15.6

-19.0

31.4

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-SEK increased or decreased in value during the calendar year being shown. Performance data has been calculated in SEK including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1990 Class A-SEK launch date: 1990 Class A-SEK is selected as the most appropriate



169







Redemption Fee N/A





Performance Fee N/A



Other Fees








170

PRODUCT KEY FACTS


Fidelity Funds - Pacific Fund



Quick facts






Ongoing charges over a year^: Class A-USD: 1.93% Class A-ACC-Euro: 1.93% Class A-USD (hedged): 1.93% Class Y-ACC-USD: 1.08%



Base currency: USD

Dividend policy *: Class A & Class A (hedged) Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in an actively managed portfolio of equities in the Asia Pacific region. The Asia Pacific region comprises countries including, but not limited to, Japan, Australia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand. This region includes certain countries considered to be emerging markets.

The fund invests in the Asia Pacific region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.


171










Equities


Valuation Risk


Emerging Markets









172



(%)

30.5

-19.2

17.1

31.4

1.9

-0.1

4.0

33.9

-19.4

19.7

-40

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



173








174

PRODUCT KEY FACTS




Quick facts









Base currency: USD








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on the stock exchange in Singapore.



The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk, consider the FTSE Straits Times All Share Custom Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents although a substantial portion of the fund’s investments is likely to be part of the Benchmark. Where the fund invests in securities that are included in the Benchmark, its allocation to those securities is likely to differ from the Benchmark allocation. However, given that the market in which the fund invests is highly concentrated, the overlap between the fund’s portfolio and the benchmark is expected to be high. The fund’s performance can be compared to the Benchmark as the Benchmark’s constituents are representative of the type of companies the fund invests in.

Fidelity Funds - Singapore Fund

175








Equities


Valuation Risk











176


(%)

-30

-20

-10

0

10

20

30

50

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

25.3 26.7

-18.9 -18.7

30.0 34.4

0.8

-2.0

3.4 3.4

-14.5 -16.5

0.8 4.0

28.3 31.2

-8.6 -8.8

12.8 12.3







The benchmark is the FTSE Straits Times All Share Custom Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees



177








178

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-CHF: 1.93% Class A-ACC-CHF: 1.93%



Base currency: CHF









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Swiss equities.






Fidelity Funds - Switzerland Fund

179





Equities


Valuation Risk











(%) 2.9

-18.0

17.4

32.4

8.0

-1.3 -4.8

25.5

-15.0

28.0

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-CHF increased or decreased in value during the calendar year being shown. Performance data has been calculated in CHF including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1995 Class A-CHF launch date: 1995 Class A-CHF is selected as the most appropriate



180







Redemption Fee N/A





Performance Fee N/A



Other Fees








181

PRODUCT KEY FACTS




Quick facts









Base currency: USD








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Taiwanese equities. Taiwan is considered to be an emerging market.







Fidelity Funds - Taiwan Fund

182





















(%)

12.3

-28.2

20.2 18.2

5.0

-8.2

13.6

26.0

-10.5

29.6

-40

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







183







Redemption Fee N/A





Performance Fee N/A



Other Fees








184

PRODUCT KEY FACTS




Quick facts









Base currency: USD








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in equity securities quoted on the stock exchange in Thailand. Thailand is considered to be an emerging market.







Fidelity Funds - Thailand Fund

185





















(%)

61.8

1.2

41.3

-7.2

12.3

-18.7

19.4 29.4

-9.8

9.1

-40

-20

0

20

40

60

80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







186






Redemption Fee N/A





Performance Fee N/A



Other Fees









187

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-GBP: 1.95%



Base currency: GBP








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in United Kingdom equity securities.






Fidelity Funds - United Kingdom Fund

188





Equities


Valuation Risk











(%)

14.3

-8.6

11.8

31.5

1.3 7.4 5.7 5.6

-15.4

22.1

-40

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-GBP increased or decreased in value during the calendar year being shown. Performance data has been calculated in GBP including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1990 Class A-GBP launch date: 1990 Class A-GBP is selected as the most appropriate



189






Redemption Fee N/A





Performance Fee N/A



Other Fees









190

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.89% Class A-ACC-USD: 1.89% Class A-ACC-HKD: 1.89% Class Y-ACC-USD: 1.04%



Base currency: USD









Objectives and investment policyThe fund is an Equity fund and aims to achieve long-term capital growth from a portfolio primarily (i.e. at least 70% of the fund's assets) made up of the equity securities of companies around the world. As this fund may invest globally, it may be exposed to countries considered to be emerging markets. The Investment Manager is not restricted in its choice of companies either by region, industry or size, and will select equity securities primarily based on the availability of attractive investment opportunities. The income from the fund is expected to be low.



Fidelity Funds - World Fund

191








Equities


Valuation Risk








(%)

15.9

-9.6

17.6

23.8 22.3

14.8

8.0 9.5

-7.5

29.7

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019





representative share class as it has the longest track record.


192






Redemption Fee N/A





Performance Fee N/A



Other Fees









193

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.95% Class A-MINCOME(G)-HKD: 1.95% Class A-MINCOME(G)-USD: 1.95% Class A-HMDIST(G)-AUD (hedged): 1.95%



Base currency: USD


Class A-MINCOME(G)#


Class A-HMDIST(G) (hedged)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. Such distributions may include a premium when the interest rate of the hedged currency is higher than the fund's reference currency interest rate and may be discounted when the interest rate of the hedged currency is lower than the fund's reference currency interest rate. The Board expects to recommend distribution of substantially the whole gross Investment income, and may determine the extent dividends may be paid out of realised and unrealised capital gains as well as capital.# Investors should note that as fees and expenses may be charged to capital of







Fidelity Funds - Asia Pacific Dividend Fund

194

Objectives and investment policyThe fund is an Equity fund and aims to achieve income and long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investments in income producing equity securities of companies that have their head office or exercise a predominant part of their activity in the Asia Pacific region. This region includes certain countries considered to be emerging markets.The fund invests in the Asia Pacific region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.



The fund is actively managed. The Investment Manager will, when selecting investments for the fund and for the purposes of monitoring risk consider the MSCI AC Asia Pacific ex Japan (Gross) Index (the “Benchmark”) as the Benchmark’s constituents are representative of the type of companies the fund invests in. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the benchmark, its allocation to those securities is likely to differ from the benchmark allocation. The Investment Manager has a wide range of discretion with regards to the investment selection and may invest in companies, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.








Equities


Valuation Risk





195

Emerging Markets













(%)

-30

-20

-10

0

10

20

30

50

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

18.5 18.4

-14.9 -15.4

22.6 22.6

8.0 3.7 3.7 3.1

-6.3 -9.1

5.0 7.1

30.9 37.3

-12.2 -13.7

17.6 19.5







The benchmark is the MSCI AC Asia Pacific ex Japan (Gross) Index.



196






Redemption Fee N/A





Performance Fee N/A



Other Fees









197

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.95% Class A-MINCOME(G)-HKD (hedged): 1.95% Class A-ACC-Euro: 1.95% Class A-HMDIST(G)-AUD (hedged): 1.95% Class A-MINCOME(G)-USD (hedged): 1.95% Class A-MCDIST(G)-Euro: 1.95% Class A-MINCOME(G)-Euro: 1.95% Class Y-ACC-Euro: 1.10%



Base currency: Euro



Class A-MINCOME(G) & Class A-MINCOME(G) (hedged)#



Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. Such distributions may include a premium when the interest rate of the hedged currency is higher than the fund's reference currency interest rate and may be discounted when the interest rate of the hedged currency is lower than the fund's reference currency interest rate. The Board expects to recommend distribution of substantially the whole gross Investment income, and may determine the extent dividends may be paid out of realised and unrealised capital gains as well as capital.

Class A-MCDIST(G)#




Fidelity Funds - European Dividend Fund

198






Objectives and investment policyThe fund is an Equity fund and aims to achieve income and long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investments in income producing equity securities of companies that have their head office or exercise a predominant part of their activity in Europe.










Equities


Valuation Risk





199


Eurozone Risk










(%)

-0.6

12.3 17.0

8.9 8.9

1.0

6.5

-10.0

25.5

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








200






Redemption Fee N/A





Performance Fee N/A



Other Fees









201

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.90% Class A-MINCOME(G)-HKD (hedged): 1.90% Class A-ACC-Euro (hedged): 1.90% Class A-MINCOME(G)-USD (hedged): 1.90% Class A-MINCOME(G)-USD: 1.90% Class A-HMDIST(G)-AUD (hedged): 1.90% Class A-MINCOME(G)-Euro: 1.90% Class A-MCDIST(G)-USD: 1.90% Class A-MINCOME(G)-HKD: 1.90% Class Y-ACC-USD: 1.04% Class A-MINCOME(G)-AUD Class Y-ACC-Euro (hedged): 1.05% (hedged): 1.90%



Base currency: USD

Dividend policy *: Class A-ACC, Class A-ACC (hedged), Class Y-ACC, Class Y-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.





Class A-MCDIST(G)#




Fidelity Funds - Global Dividend Fund

202






Objectives and investment policyThe fund is an Equity fund and aims to achieve income and long-term capital growth principally (i.e. at least 70% (and normally 75%) of the fund's assets) through investments in income producing equity securities globally.For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, currency or asset classes. As this fund may invest globally, it may be exposed to countries considered to be emerging markets.As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.









Equities


Valuation Risk




Eurozone Risk



203









(%)

26.1

4.7 1.6 1.1

16.2

-4.8

23.5

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-MINCOME(G)-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.


Fund launch date: 2012 Class A-MINCOME(G)-USD launch date: 2012 Class A- MINCOME(G)-USD is selected as the most




204





Subscription Fee Class A – Up to 5.25% of NAVClass Y - 0%


Redemption Fee N/A



Management Fee* Class A – Up to 1.50% p.a. of NAV Class Y – Up to 0.80% p.a. of NAV


Performance Fee N/A



Other Fees



The composition of dividend paid out of net distributable income and capital for the last 12 months are available from the Hong Kong Representative on request and also on the fund’s website: https://www.fidelityinternational.com/legal/documents/FF/HK-zh_en/fdpc.ff.HK-zh_en.HK.pdf*.Investors may obtain information on the intermediaries from the Fidelity Investor Hotline: +852 2629 2629.



205

PRODUCT KEY FACTS


Fidelity Funds - SMART Global Moderate Fund *



Quick facts









Base currency: USD







Objectives and investment policyThe fund is a Systematic Multi Asset Risk Targeted fund and aims to provide moderate long-term capital growth by investing in a range of global asset classes, including those located, listed or exposed to emerging markets.

The fund will actively allocate to, and within, different asset classes and geographies based on their potential to generate moderate capital growth or reduce risk or volatility within the overall portfolio. The main asset classes in which the fund will invest include global government bonds, global inflation linked bonds, global corporate bonds including investment grade bonds, global high yield bonds, emerging market bonds and global equities.

The fund may invest directly and/or indirectly (including through the use of financial derivative instruments (“derivatives”)) up to 90% of its assets in equities and up to 90% of its assets in global government bonds, global corporate bonds, inflation linked bonds and emerging market bonds which may comprise global high yield bonds up to 30% of the fund’s assets and up to 10% in hybrid bonds (that is, debt securities with equity-like features). Hybrids may be issued by non-financial institutions (corporate hybrids) and by financial institutions (financial hybrids), including contingent convertibles, as well as in other subordinated financial debt and preference shares. These investments include investment grade and non-investment grade assets.

* The name of the fund is not indicative of the fund’s performance and return.

206


It may also seek exposure of less than 30% of its assets in infrastructure securities, commodities and eligible closed-ended real estate investment trusts (REITS). The fund aims to manage the long term average volatility, under normal market conditions, within a range of 6 to 8% per annum. This volatility range is however not guaranteed.

The fund may invest in UCITS (undertaking for collective investment in transferable securities) and UCIs (undertaking for collective investment). The fund may also invest up to 10% of its net assets in loans.

In adverse market conditions the fund may hold more than 10% of its assets in cash or money market instruments (cash and short-term deposits, certifications of deposit and bills) and Money Market Funds.

The fund may make extensive use of derivatives (including index, basket or single name futures, options and contracts for difference referencing equities or bonds) for investment purposes or use complex derivatives or strategies to meet the investment objectives of the fund with a level of risk which is consistent with the risk profile of the fund. Derivatives may be used to create economic exposure to an asset akin to a physical holding of that asset. Options used will include put and call options including covered call options. The fund will use index, basket or single credit default and total return swaps to gain exposure or reduce credit risk of issuers, interest rate swaps to actively manage the level of interest rate risk and currency derivatives to hedge or gain exposure to currencies or replicate currency exposure of the underlying securities of an equity index. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.

The expected level of leverage of the fund is 200% of the net asset value of the fund. Leverage is determined using the sum of the notionals (expressed as a sum of positive values) of all financial derivatives instruments used whether the same are for investment purposes, hedging or risk reduction.



Use of derivatives/investment in derivativesThe fund’s net derivative exposure may be more than 100% of its net asset value.




Equities


Multi-Asset

Multi-asset funds invest in multiple asset classes and are being subject to risks inherent in those individual asset classes. The overall risk depends on the correlation of returns between each asset class and could be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification.



Downgrading risk


Fidelity Funds - SMART Global Moderate Fund

207

Credit/Default Risk

Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or are otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase price of the debt instrument is at risk of loss if there is no recovery after default.

Credit rating risk

Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

Valuation Risk


Risk of investing in CoCos and other instruments with loss-absorption features

The fund may invest in instruments with loss-absorption features. Those features have been designed to meet specific regulatory requirements imposed on financial institutions and typically include terms and conditions specifying the instrument is subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of the following: (a) when a financial institution is near or at the point of non-viability; or (b) when the capital ratio of a financial institution falls to a specified level.





Risk relating to dynamic asset allocation strategy

The investments of the fund may be periodically rebalanced and therefore the fund may incur greater transaction costs than a fund with static allocation strategy.

Eurozone Risk




Risks associated with the extensive use of financial derivative instruments

The fund’s net derivative exposure may be more than 100% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.

High Leverage Risks - The fund may have a net leverage exposure of more than 100% of the net asset value of the fund. This will further magnify any potential negative impact of any change in the value of the underlying asset on the fund and also increase the volatility of the fund’s price and may lead to significant losses.

The fund may implement active currency positions which may not be correlated with the underlying securities positions held by the fund. This may result in the fund suffering a significant or total loss even if there is no loss of the value of the underlying securities positions (e.g. equities, fixed income securities) being held by the fund.


208


The performance during the years prior to 2016 was achieved under circumstances that may no longer apply as the investment objective was changed on 30 June 2016.

* On 11 July 2016, Fidelity Funds - Fidelity Portfolio Selector Growth Fund (non SFC-authorized) merged into the repurposed Fidelity Funds - SMART Global Moderate Fund.

(%)

11.8

-10.4

13.9

28.1

5.3

-0.7

0.2

12.3

-6.3

13.1

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016* 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



209








210

PRODUCT KEY FACTS


Fidelity Funds - European Multi Asset Income Fund



Quick facts






Ongoing charges over a year^: Class A-Euro: 1.42% Class A-ACC-USD (hedged): 1.42% Class A-ACC-Euro: 1.42% Class A-MCDIST(G)-Euro: 1.42%



Base currency: Euro



Class A-MCDIST(G)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income, and distributions will also be paid out of capital in order to seek to achieve a distribution percentage higher than that of the MINCOME share class (another capital distributing share class offered by Fidelity Funds).# Investors should note that as fees and expenses may be charged to capital of







211

Objectives and investment policy The fund is a Multi Asset fund and aims to provide income by investing primarily (i.e. at least 70% of its assets) in

equities and fixed income securities issued by both companies that are listed in, or have their registered office in, or exercise a majority of their activity in Europe, and European governments.

The fund will actively allocate to, and within, different asset classes based on their potential to generate income.

The main asset classes in which the fund will invest include fixed income securities (including investment grade and high yield bonds), equities and alternative assets, such as (but not limited to) loans, infrastructure securities and eligible closed-ended real estate investment trusts (REITS).

Within the main asset classes described above the fund may, under normal market conditions, invest up to 70% of its net assets in European investment grade bonds, up to 50% of its net assets in European equities, up to 50% of its net assets in European high yield bonds and up to 20% of its net assets in alternative investments.

The fund may tactically invest up to 50% of its net assets in European government bonds and up to 20% of its net assets in non-European investments (including equities, government bonds, investment grade bonds, high yield bonds, emerging market debt and alternative assets).

Less than 30% of the fund’s net assets will be invested in hybrid bonds (“Hybrids”), that is debt with equity-like features, issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles. Less than 20% of the total net assets will be invested in contingent convertible bonds, which are hybrid instruments with loss-absorption features.

In adverse market conditions the fund may hold up to 25% of its net assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, Money Market Funds).


The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as derivatives referencing underlying equity assets (such as futures, contracts for difference, equity swaps, options such as put, calls and warrants) and derivatives referencing underlying fixed income assets or components thereof (such as interest rate or bond futures, options and interest rate, total return or inflation swaps, bond futures, credit default and total return swaps, forwards including non-deliverable forwards and currency swaps). The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.







Equities Risk

The fund’s investment in equities securities may fluctuate, sometimes dramatically, in response to the activities and results of individual companies or because of general market and economic conditions or other events, including changes in investment sentiment, political and economic conditions and issuer-specific factors.


The value of bonds or other debt instruments will fluctuate depending on e.g. market interest rates, the credit quality of the issuer, the currency of the investment (when it is different from the base currency of the fund) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interst rates rise.


212

Downgrading Risk


Credit/Default Risk

Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or are otherwise unable to pay interest or principal (default). Credit risk arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase price of the debt instrument is at risk of loss if there is no recovery after default.

Credit Rating Risk


Valuation Risk


Risk associated with Debt Securities Rated Below Investment Grade/Unrated Securities and High Yielding Debt Instruments

The fund may invest in debt securities rated below investment grade or unrated securities. Such securities are generally subject to lower liquidity, higher volatility, heightened risk of default and loss of principal and interest than higher-rated/lower yielding debt securities.


Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be: (a) reduced potential for capital appreciation for equity securities; and (b) increased potential for capital appreciation and/or depreciation for fixed income securities.









Multi-Asset Risk



213



Eurozone Risk



Payment of dividends directly out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the NAV per share/unit.

Risks relating to Financial Derivative Instruments



(%)

8.2

-7.5

23.1

13.2

7.8 8.5

-1.3

6.3

-10.9

16.4

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019









214





Redemption Fee N/A





Performance Fee N/A



Other Fees










215

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-HKD: 1.69% Class A-MINCOME(G)-HKD: 1.69% Class A-ACC-USD: 1.69% Class A-MINCOME(G)-AUD (hedged): 1.69% Class A-ACC-Euro (hedged): 1.69% Class A-MCDIST(G)-USD: 1.69% Class A-MINCOME(G)-USD: 1.69% Class A-HMDIST(G)-AUD (hedged): 1.69%



Base currency: USD

Dividend policy *: Class A-ACC and Class A-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.


Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.Class A-MCDIST(G)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income, and distributions will also be paid out of capital in order to seek to achieve a distribution percentage higher than that of the MINCOME share class.






Minimum investment: Initial Investment Subsequent Investment Class A USD 2,500 USD 1,000

Fidelity Funds - Global Multi Asset Income Fund

216


Objectives and investment policyThe fund is a Multi Asset fund and aims to provide income and moderate capital growth over the medium to longer term by investing in global fixed income securities and global equities. The main asset classes in which the fund will invest include global investment grade bonds, global high yield bonds, emerging market bonds and global equities. Within the main asset classes the fund may, under normal market conditions, invest up to 100% of its assets in global investment grade bonds, 60% in global high yield bonds, 50% in emerging market bonds and 50% in global equities. As this fund may invest globally, it may be exposed to countries considered to be emerging markets. The fund may tactically invest up to 50% of its assets in global government bonds. It may also have an exposure of less than 30% of its assets to each of the following asset classes, infrastructure securities and eligible closed-ended real estate investment trusts (REITS). The fund may also invest in UCITS (undertaking for collective investment in transferable securities) and UCIs (undertaking for collective investment).As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.The fund’s source of income will mainly be generated from dividend payments from equity securities and coupon payments from bond holdings.In adverse market conditions the fund may hold more than 10% of its assets in cash or money market instruments (cash and short-term deposits, certificates of deposit and bills, money market funds). This fund may invest up to 10% of its net assets in loans.The fund may invest in instruments with loss-absorption features which may include instruments classified as Additional Tier 1/Tier 2 capital instruments, Contingent Convertible Securities (CoCos), non-preferred senior bonds which may also be known as Tier 3 bonds and other instruments eligible to count as loss-absorbing capacity under the resolution regime for financial institution, in compliance with its investment policy and limits. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s). In compliance with the requirements and guidance issued by the SFC, such investment will at all time remain below 50% of the fund's net asset value. For the avoidance of doubt, less than 30% of the fund’s net asset value may be invested in each individual type of instruments with loss-absorption features as described above. The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as derivatives referencing underlying equity assets (such as futures, contracts for difference, equity swaps, options such as put, calls and warrants) and derivatives referencing underlying fixed income assets or components thereof (such as interest rate or bond futures, options and interest rate, total return or inflation swaps, bond futures, credit default and total return swaps, forwards including non-deliverable forwards and currency swaps). The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.







Equities


Multi-Asset



217



Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk





Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be (a) reduced potential for capital appreciation for equity securities; and (b) increased potential for capital appreciation and/or depreciation for fixed income securities.










218


Emerging Markets




Eurozone Risk











* On 11 July 2014, Fidelity Funds - Live 2020 Fund, Fidelity Funds - Live 2030 Fund and Fidelity Funds - Live Today Fund (which are not authorized by the SFC) were merged into the fund.

(%) 2.8

-1.3

6.7

10.1

-3.0

12.8

-10

0

10

20

2010 2011 2012 2013 2014* 2015 2016 2017 2018 2019







219







Redemption Fee N/A





Performance Fee N/A



Other Fees









220

PRODUCT KEY FACTS




Quick facts



Investment Advisor: Internal and/or external sub-delegation to one or more Investment Advisors as described in “The Investment Manager” section under Part IV of the Hong Kong Prospectus (~Note)~ Note: The list of all Investment Advisors having managed all or part of the assets

of each fund over the last six or twelve months will be published in the annual and semi-annual financial reports.


Ongoing charges over a year^: Class A-ACC-USD: 1.70% Class A-MINCOME(G)-GBP (GBP/USD hedged): 1.70% Class A-MINCOME(G)-USD: 1.70% Class A-MINCOME(G)-CAD (CAD/USD hedged): 1.70% Class A-MINCOME(G)-HKD: 1.70% Class A-HMDIST(G)-AUD (AUD/USD hedged): 1.70% Class A-MINCOME(G)-SGD: 1.70%



Base currency: USD


Class A-MINCOME(G) & Class A-MINCOME(G) ([currency pairing] hedged)#


Class A-HMDIST(G) ([currency pairing] hedged)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. Such distributions may include a premium when the interest rate of the hedged currency is higher than the fund's reference currency interest rate and may be discounted when the interest rate of the hedged currency is lower than the fund's reference currency interest rate. The Board expects to recommend distribution of substantially the whole gross Investment income, and may also determine the extent dividends may be paid out of realised and unrealised capital gains as well as capital.# Investors should note that as fees and expenses may be charged to capital of

the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividends directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the NAV per Share of the fund.





Fidelity Funds - Greater China Multi Asset Growth & Income Fund

221



Objectives and investment policyThe fund is a multi-asset fund and aims to provide capital growth and income over the medium to longer-term by investing primarily (i.e. at least 70% of the fund's assets) in equities and fixed income securities issued by companies that are listed in, or have their registered office in, or exercise a majority of their activity in the Greater China region including Hong Kong, China, Taiwan and Macau, or issued by governments or quasi-governments of the same region. China, Taiwan and Macau are considered as emerging markets.For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, currency or asset classes.The main asset classes in which the fund will invest include Greater China equities and Greater China investment grade* bonds, and Greater China high yield bonds, including government bonds and unrated bonds. Investments will not be required to meet minimum credit rating standards.The fund will actively allocate to, and within different asset classes and geographies based on their potential to generate capital growth and income within the portfolio. The fund’s source of income will mainly be generated from dividend payments (from equity securities) and coupon payments from bond holdings. The fund intends to provide capital growth mainly through its equity investments.The fund may, under normal market conditions, invest up to 90% of its net assets in fixed income securities (including up to 40% in investment grade bonds*, up to 50% in high yield bonds which include below investment grade and unrated bonds, and up to 20% of its net assets in hybrid securities and contingent convertibles), up to 10% of its net assets in commodities and up to 80% of its net assets in equities, and up to 15% of its net assets in eligible closed-ended real estate investment trusts (REITS). The fund may invest up to 10% of its net assets in urban investment bonds. The fund may also invest up to 20% of its net assets in collateralized and/or securitised products (e.g. asset-backed securities and mortgage-backed securities). The Investment Manager is not restricted in its choice of companies either by size or industry. Onshore China fixed income securities are listed or traded on any Eligible Market in China, and are issued by a variety of issuers such as government, quasi-government, banks, financial institutions or other corporate entities established or incorporated in China or corporate entities with commercial activities in China. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be.The fund will invest less than 30% of its net assets directly and/or indirectly in China A and B Shares and/or onshore China fixed income securities on an aggregated basis. The fund will have direct exposures to the China A Shares markets and/or onshore China fixed income securities through the QFII quota of FIL Investment Management (Hong Kong) Limited, the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect (collectively, “Stock Connect”), the China Interbank Bond Market scheme or via any other permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of China A Shares, e.g. via equity-linked notes and onshore China fixed income securities, e.g. credit-linked notes. The fund may also invest up to 50% of its NAV in offshore China fixed income instruments including, but not limited to, dim sum bonds.The fund may invest in instruments with loss-absorption features which may include instruments classified as Additional Tier 1/Tier 2 capital instruments, Contingent Convertible Securities (CoCos), non-preferred senior bonds which may also be known as Tier 3 bonds and other instruments eligible to count as loss-absorbing capacity under the resolution regime for financial institution, in compliance with its investment policy and limits. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s). In compliance with the requirements and guidance issued by the SFC, such investment will at all time remain below 50% of the fund's net asset value. For the avoidance of doubt, less than 30% of the fund’s net asset value may be invested in each individual type of instruments with loss-absorption features as described above. The fund may invest in UCITS (undertaking for collective investment in transferable securities) and UCIs (undertaking for collective investment). Any commodity exposure for this fund will be obtained through eligible instruments and derivatives such as (but not limited to) units/shares of UCITS/or other UCIs, Exchange Traded Funds and commodity index swap transactions.In adverse market conditions the fund may invest up to 30% of its net assets in cash, money market instruments (including but not limited to short-term deposits, certificates of deposits and bills), and money market funds. The fund may also invest up to 10% of its net assets in loans. The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as derivatives referencing underlying equity assets (such as futures, contracts for difference, equity swaps, options such as put, calls and warrants) and derivatives referencing underlying fixed income assets or components thereof (such as interest rate or bond futures, options and interest rate, total return or inflation swaps, bond futures, credit default and total return swaps, forwards including non-deliverable forwards and currency swaps). The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.

* As rated by internationally recognised rating agencies.222

The fund will not invest more than 10% of their NAV in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.The fund will not engage extensively in securities lending, repurchase and reverse repurchase transactions.







Multi-Asset Multi-asset funds invest in multiple asset classes and are being subject to risks inherent in those individual asset

classes. The overall risk depends on the correlation of returns between each asset class and could be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification.











Risk relating to dynamic asset allocation strategy The investments of the fund may be periodically rebalanced and therefore the fund may incur greater transaction

costs than a fund with static allocation strategy.


investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be (a) reduced potential for capital appreciation for equity securities; and (b) increased potential for capital appreciation and/or depreciation for fixed income securities.

Risk associated with Debt Securities Rated Below Investment Grade/Unrated Securities and High Yielding Debt Instruments The fund may invest in debt securities rated below investment grade or unrated securities. Such securities are

generally subject to lower liquidity, higher volatility, heightened risk of default and loss of principal and interest than higher-rated/lower yielding debt securities.




223





QFII Risk









China Assets Risk

Investments by a fund in China A/B Shares or onshore China fixed income securities and other permissible securities denominated in RMB may be made through any permissible means pursuant to any prevailing regulations, including through the Qualified Foreign Institutional Investor (“QFII”) quota, the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect programmes (collectively, “Stock Connect”), the China interbank bond market scheme and any other eligible means . The uncertainty and change of the relevant laws and regulations in the People’s Republic of China (“PRC”) and the potential for the PRC government and/or the regulators to implement political, social and economic policies that may affect the financial markets may have an adverse impact on such a fund.


Risks associated with investments in China fixed income instruments

For investments by a fund in China fixed income securities, there may not be a liquid or active market for the trading of Renminbi-denominated bonds. Therefore, such fund may be subject to the risk of not being able to sell its bonds on a timely basis, or will have to sell at a deep-discount to their face values. The security prices may fluctuate significantly. The fund’s value, liquidity and volatility may be adversely affected.


224


Risks associated with China Interbank Bond Market (“CIBM”) and Bond Connect The fund may invest in China bonds traded on CIBM via foreign access regime and/or bond connect between

Hong Kong and China (“Bond Connect”). The relevant rules and regulations are subject to change which may have potential retrospective effect.

Investments in CIBM traded bonds are subject to risks, such as suspension risk, settlement and counterparty risks, nominee arrangements in holding CIBM bonds, regulatory risk and uncertainty on tax arrangement.

Where a suspension in the trading through CIBM is effected, the fund’s ability to invest in CIBM bonds will be adversely affected. In such event, the fund’s ability to achieve its investment objective could be negatively affected.

Risks associated with distribution out of/effectively out of the fund’s capital Payment of dividends out of capital and/or effectively out of capital amounts to a return or withdrawal of part of an

investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the NAV per share/ unit.













(%)

30.1

-9.5

14.9

-20

-10

0

10

20

30

40

2015 2016 2017 2018 2019



These figures show by how much Class A-ACC-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.




225







Switching Fee Generally up to 1% of NAV, except if you are switching from one class with no subscription fee into a class with subscription fee, you will have to pay for a switching fee of up to the full subscription fee of the class to be switched.

Redemption Fee N/A





Performance Fee N/A



Other Fees


Additional InformationYou generally buy, redeem or switch shares at the fund’s next-determined NAV after we receive your request, directly or via a distributor, in good order at or before 5:00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).The NAV of this fund is calculated and the price of shares is published each business day. NAV of the fund will be published in the South China Morning Post and the Hong Kong Economic Times.Investors may also obtain the past performance information of the fund’s representative share class and (if applicable) other share classes offered to Hong Kong investors from www.fidelity.com.hk*.

The composition of dividend paid out of net distributable income and capital for the last 12 months are available from the Hong Kong Representative on request and also on the fund’s website: https://www.fidelityinternational.com/legal/documents/FF/HK-zh_en/fdpc.ff.HK-zh_en.HK.pdf*.Investors may obtain information on the intermediaries from the Fidelity Investor Hotline: +852 2629 2629.



226

PRODUCT KEY FACTS


Fidelity Funds - Growth & Income Fund



Quick facts









Base currency: USD


Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund. * Unless otherwise stated, dividends will not be paid out of capital and/or effectively

out of capital.



Class A USD 2,500 USD 1,000 Class Y USD 2,500 USD 1,000


Objectives and investment policyThe fund is a Multi Asset fund and will be managed with a more conservative approach towards seeking high current income and capital growth primarily (i.e. at least 70% of the fund's assets) through investment in a combination of equities and bonds issued in the developed and emerging markets.As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount it may invest in any single country or region.Within the main asset classes described above the fund may, under normal market conditions, invest less than 30% of its net assets in global sub investment grade and/or high yield bonds.The fund may invest in instruments with loss-absorption features which may include instruments classified as Additional Tier 1/Tier 2 capital instruments, Contingent Convertible Securities (CoCos), non-preferred senior bonds which may also be known as Tier 3 bonds and other instruments eligible to count as loss-absorbing capacity under the resolution regime for financial institution, in compliance with its investment policy and limits. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger event(s). In compliance with the requirements and guidance issued by the SFC, such investment will at all time remain below 50% of the fund's net asset value. For the avoidance of doubt, less than 30% of the fund’s net asset value may be invested in each individual type of instruments with loss-absorption features as described above.

227

The fund’s source of income will mainly be generated from dividend payments from equity securities and coupon payments from bond holdings.The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as derivatives referencing underlying equity assets (such as futures, contracts for difference, equity swaps, options such as put, calls and warrants) and derivatives referencing underlying fixed income assets or components thereof (such as interest rate or bond futures, options and interest rate, total return or inflation swaps, bond futures, credit default and total return swaps, forwards including non-deliverable forwards and currency swaps). The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.







Equities


Multi-Asset




Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk





Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be (a) reduced potential for capital appreciation for equity securities; and (b) increased potential for capital appreciation and/or depreciation for fixed income securities.


228


















(%)

7.6

-4.3

6.1

11.9

1.7

-2.9

5.8

11.4

-4.1

13.3

-10

0

10

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







229







Redemption Fee N/A





Performance Fee N/A



Other Fees








230

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.45% Class A-HMDIST(G)-AUD Class A-MINCOME(G)-USD (hedged): 1.45% (hedged): 1.45% Class A-MINCOME(G)-HKD (hedged): 1.45% Class A-MCDIST(G)-USD: 1.45% Class A-MINCOME(G)-USD: 1.45% Class Y-USD: 0.95%



Base currency: USD

Dividend policy *: Class A-ACC No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.





Class A-MCDIST(G)#

Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income, and distributions will also be paid out of capital in order to seek to achieve a distribution percentage higher than that of the MINCOME share class.

Class Y Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.# Investors should note that as fees and expenses may be charged to capital of



Fidelity Funds - Asia Pacific Strategic Income Fund

231







Objectives and investment policy The fund is a Bond fund and seeks to deliver an attractive income and capital appreciation by primarily (i.e. at least

70% of the fund's assets) investing in a broad range of fixed income instruments of issuers in Asia Pacific that have their head office or exercise a majority of their activity in Asia Pacific. This region includes certain countries considered to be emerging markets. The fund will adopt an active asset allocation approach, which may include investment into high yield instruments and emerging markets. The fund may invest in hybrid bonds (“Hybrids”), that is, debt securities with equity-like features, issued by non-financial institutions (corporate Hybrids) and by financial institutions (financial Hybrids), including contingent convertibles, as well as in other subordinated financial debt and preference shares.

The fund invests in Asia Pacific and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset classes, as applicable.

Within the main asset classes of fixed income instruments, the fund may invest up to 100% of its net assets in emerging markets, up to 90% of its net assets in high yield instruments, up to 80% of its net assets in Asia Pacific local currency bonds, up to 50% of its net assets in offshore China fixed income instruments (including, but not limited to, dim sum bonds) and less than 30% of its total net assets in Hybrids and contingent convertibles.

Investments will not be required to meet minimum credit rating standards. Not all securities will be rated for creditworthiness by an internationally recognized rating agency.

The Investment Manager is not restricted in his choice of companies either by market sector or industry, and will choose investments largely determined by the availability of attractive investment opportunities.

The fund may invest less than 30% of its net asset value directly and/or indirectly in onshore China fixed income securities listed or traded on any Eligible Market in China through the QFII quota of FIL Investment Management (Hong Kong) Limited, or through any permissible means available to the fund under prevailing laws and regulations. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of onshore China fixed income securities, e.g. via credit-linked notes.

The fund may invest up to 10% of its net assets in loans.





The fund’s source of income will mainly be generated from dividend payments from equity securities and coupon payments from bond holdings.


232






Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk





Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be increased potential for capital appreciation and/or depreciation for fixed income securities.








233

Emerging Markets













(%) 3.0 2.6

-3.9

14.3

-10

0

10

20

2015 2016 2017 2018 2019









234




Class Y – 0%


Redemption Fee N/A




Class Y – Up to 0.65% p.a. of NAV


Performance Fee N/A



Other Fees










235

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.06% Class A-MINCOME(G)-HKD: 1.06% Class A-MDIST-USD: 1.06% Class A-HMDIST(G)-AUD (hedged): 1.06% Class A-MINCOME(G)-USD: 1.06%



Base currency: USD



Class A-MINCOME(G)#









Fidelity Funds - Asian Bond Fund

236


Objectives and investment policyThe fund is a Bond fund and aims to achieve income and capital appreciation by investing primarily (i.e. at least 70% of the fund's assets) in investment grade fixed income securities of issuers that have their principal business activities in the Asian region. This region includes certain countries considered to be emerging markets.

The fund invests in the Asian region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.












Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk



237









Emerging Markets












238



(%)

11.0

-2.5

8.6

3.1 3.7 4.2

-3.4

14.3

-10

0

10

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019












Redemption Fee N/A





Performance Fee N/A



Other Fees


239









240

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.40% Class A-MINCOME(G)-USD: 1.40% Class A-ACC-Euro: 1.40% Class A-HMDIST(G)-AUD (hedged): 1.40% Class A-MDIST-USD: 1.40% Class Y-ACC-USD: 0.90% Class A-MDIST-HKD: 1.40% Class I-MDIST-USD: 0.74% Class A-MINCOME-USD: 1.40%



Base currency: USD

Dividend policy *: Class A-ACC & Class Y-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.

Class A-MDIST & Class I-MDISTSubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly.

Class A-MINCOMESubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole net investment income amount for most of the time, and distributions may be paid out of capital.

Investors should note that payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.

Class A-MINCOME(G)# Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.



Fidelity Funds - Asian High Yield Fund

241






Class I USD 10,000,000 USD 100,000



Objectives and investment policyThe fund is a Bond fund and seeks a high level of current income and capital appreciation by investing primarily (i.e. at least 70% of the fund's assets) in high yielding, sub investment grade securities of issuers, or in high-yielding securities of sub investment grade issuers, all having their principal business activities in the Asian region. This region includes certain countries considered to be emerging markets.

The fund invests in the Asian region and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.


The fund will potentially invest up to 10% of its net asset value directly in onshore China fixed income securities listed or traded on any Eligible Market in China, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be. The fund will have direct exposures to onshore China fixed income securities through the QFII quota of FIL Investment Management (Hong Kong) Limited, or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of onshore China fixed income securities, e.g. via credit-linked notes.







242







Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk












243


Emerging Markets






Risks associated with distribution out of/effectively out of the Fund’s capital







(%)

19.0

-7.5

20.1

2.7 3.5 1.5

13.6

6.9

-4.7

12.0

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







244



Subscription Fee Class A – Up to 3.5% of NAVClass I – 0%Class Y – 0%


Redemption Fee N/A



Management Fee* Class A – Up to 1.00% p.a. of NAVClass I – Up to 0.65% p.a. of NAVClass Y – Up to 0.65% p.a. of NAV


Performance Fee N/A



Other Fees










245

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.61% Class A-HMDIST(G)-AUD Class A-MINCOME(G)-USD (hedged): 1.62% (hedged): 1.62% Class A-MINCOME(G)-HKD (hedged): 1.62% Class Y-USD: 0.97%



Base currency: USD


Class A-MINCOME(G) (hedged)#




Class Y Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly. # Investors should note that as fees and expenses may be charged to capital of







Fidelity Funds - China High Yield Fund

246



Objectives and investment policy The fund is a Bond fund and seeks a high level of current income by investing primarily (i.e. at least 70% of the fund's

assets) in high-yielding, sub-investment grade* or non-rated debt securities of issuers that have their head office or exercise a majority of their activity in the Greater China region (including China, Hong Kong, Taiwan and Macau). This region includes certain countries considered to be emerging markets.

The type of debt securities in which the fund will primarily invest will be subject to high risk and will not be required to meet a minimum credit rating standard.

The fund invests in the Greater China region (including China, Hong Kong, Taiwan, and Macau) and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset classes, as applicable.

The fund may invest less than 30% of its net asset value directly and/or indirectly in onshore China fixed income securities listed or traded on any Eligible Market in China. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be. The fund may directly invest in onshore China fixed income securities through the QFII quota of FIL Investment Management (Hong Kong) Limited, the China Interbank Bond Market scheme or via any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of onshore China fixed income securities, e.g. via credit-linked notes. The fund may also invest up to 100% of its net asset value in offshore China fixed income instruments including, but not limited to, dim sum bonds.

The Investment Manager is not restricted in his choice of investments either by market sector or industry, and will choose investments largely determined by the availability of attractive investment opportunities.

The investments of the fund may be denominated in various currencies other than the fund’s reference currency.


The fund may also invest in UCITS (undertaking for collective investment in transferable securities) and UCIs (undertaking for collective investment) as permitted by applicable rules.


The fund will not invest more than 10% of their Net Asset Value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.



* As rated by internationally recognised rating agencies.

247







Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk












248

QFII Risk





China Assets Risk

Investments by a fund in onshore China fixed income securities and other permissible securities denominated in RMB may be made through any permissible means pursuant to any prevailing regulations, including through the China interbank bond market scheme and any other eligible means. The uncertainty and change of the relevant laws and regulations in the People’s Republic of China (“PRC”) and the potential for the PRC government and/or the regulators to implement political, social and economic policies that may affect the financial markets may have an adverse impact on such a fund.


Risks associated with investments in China fixed income instruments

For investments by a fund in China fixed income securities, there may not be a liquid or active market for the trading of Renminbi-denominated bonds. Therefore, such fund may be subject to the risk of not being able to sell its bonds on a timely basis, or will have to sell at a deep-discount to their face values. The security prices may fluctuate significantly. The fund’s value, liquidity and volatility may be adversely affected.

Risks associated with China Interbank Bond Market (“CIBM”)

The fund may invest in China bonds traded on CIBM via foreign access regime and/or bond connect between Hong Kong and China (“Bond Connect”). The relevant rules and regulations are subject to change which may have potential retrospective effect.

Investments in CIBM traded bonds are subject to risks, such as suspension risk, settlement and counterparty risks, nominee arrangements in holding CIBM bonds, regulatory risk and uncertainty on tax arrangement.

Where a suspension in the trading through CIBM is effected, the fund’s ability to invest in CIBM bonds will be adversely affected. In such event, the fund’s ability to achieve its investment objective could be negatively affected.



Emerging Markets







249







(%)

11.4

7.5

-5.1

12.9

-10

0

10

20

2015 2016 2017 2018 2019









250





Class Y – 0%


Redemption Fee N/A





Performance Fee N/A



Other Fees









251

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.65% Class A-HMDIST(G)-AUD (hedged): 1.65% Class A-MINCOME(G)-USD: 1.65% Class I-USD: 0.72% Class A-MINCOME(G)-HKD: 1.65%



Base currency: USD

Dividend policy *: Class ISubject to the Board’s discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.


Class A-MINCOME(G)# Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.








Class I USD 10,000,000 USD 100,000

Fidelity Funds - Emerging Market Corporate Debt Fund

252


Objectives and investment policyThe fund is a Bond fund and aims to achieve income and capital appreciation through primarily (i.e. at least 70% of the fund's assets) investing in investment grade and sub investment grade global emerging-markets corporate debt securities denominated in globally traded major currencies ("hard currencies"). Up to 25% may be invested in sovereign bonds of emerging market issuers. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.


The fund is not subject to any limitation on the portion of its Net Asset Value that may invest in sub investment grade securities or issuers.














253

Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk












Emerging Markets





254










(%)5.7

-1.3

10.5 8.8

-3.3

14.6

-10

0

10

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019









255



Subscription Fee Class A – Up to 3.5% of NAVClass I – 0%


Redemption Fee N/A



Management Fee* Class A – Up to 1.20% p.a. of NAVClass I – Up to 0.65% p.a. of NAV


Performance Fee N/A



Other Fees










256

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.61% Class A-MDIST-Euro: 1.61% Class A-Euro: 1.61% Class A-MDIST-USD: 1.61% Class A-ACC-USD: 1.61% Class A-MDIST-AUD (hedged): 1.61% Class A-ACC-Euro: 1.61% Class A-MINCOME(G)-USD: 1.61% Class A-ACC-Euro (hedged): 1.61% Class Y-ACC-USD: 0.91%



Base currency: USD



Class A-MDIST & Class A-MDIST (hedged)Subject to the Board's’ discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly.

Class A-MINCOME(G) Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.

Investors should note that as fees and expenses may be charged to capital of the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.






Fidelity Funds - Emerging Market Debt Fund

257


Objectives and investment policyThe fund is a Bond fund and aims to provide income and capital appreciation through primarily (i.e. at least 70% of the fund's assets) investing in global emerging markets debt securities. Emerging markets include Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East, but investments can also be made in other regions.

The fund invests in Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East, and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.

The fund is unconstrained (i.e. up to 100% of its net assets) in the amount that it may invest in sub investment grade and/or high yield securities or issuers.

For the remaining assets, the Investment Manager has the freedom to invest outside the fund’s principal geographies, market sectors, credit quality, currency or asset classes such as local market debt instruments, fixed income, equity securities and corporate bonds of emerging market issuers and lower quality debt securities.












Downgrading risk



258


Credit/Default Risk


Credit rating risk


Valuation Risk




Sovereign Debt Risk

The fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the fund to participate in restructuring such debts. The fund may suffer significant losses when there is a default of sovereign debt issuers.









Emerging Markets




259










(%)

10.8

3.1

18.9

-7.7

7.5

-0.3

9.0 8.6

-5.6

14.2

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



260

Other Fees










261

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.00% Class A-ACC-USD (hedged): 1.00% Class A-ACC-Euro: 1.00% Class Y-ACC-Euro: 0.65% Class A-MDIST-Euro: 1.00%



Base currency: Euro











The fund invests primarily (i.e. at least 70% of the fund's assets) in bonds denominated in Euro.


Fidelity Funds - Euro Bond Fund

262











Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk


Sovereign Debt Risk





263







Eurozone Risk









* On 7 November 2016, Fidelity Funds - MoneyBuilder European Bond Fund (non SFC-authorized) merged into Fidelity Funds - Euro Bond Fund.

(%) 5.6

1.5

12.5

2.1

12.3

0.1

3.6

0.7

-1.1

7.0

-5

0

5

10

15

20

2010 2011 2012 2013 2014 2015 2016* 2017 2018 2019







264







Redemption Fee N/A





Performance Fee N/A



Other Fees








265

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.05% Class A-MDIST-Euro: 1.05% Class A-ACC-Euro: 1.05% Class Y-ACC-Euro: 0.68%



Base currency: Euro











The fund will invest primarily (i.e. at least 70% of the fund's assets) in Euro denominated corporate debt securities. The fund may also invest less than 30% of its assets in non-Euro denominated debt securities and/or non-corporate debt securities.


Fidelity Funds - Euro Corporate Bond Fund

266











Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk







267





Eurozone Risk









(%)6.8

1.5

14.6

2.1

9.3

-0.8

4.9 2.2

-2.9

7.6

-10

0

10

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








268






Redemption Fee N/A





Performance Fee N/A



Other Fees









269

PRODUCT KEY FACTS




Quick facts









Base currency: Euro








The fund invests primarily (i.e. at least 70% of the fund's assets) in Euro-denominated debt securities focusing on investment grade European fixed-rate bonds with less than five years to effective maturity. The fund may invest less than 30% of its assets in non-Euro denominated debt securities.





270


























271

Eurozone Risk




Sovereign Debt Risk







(%)

4.4

1.9

5.6

0.7

3.1

0.5 1.5

0.2

-1.7

2.5

-5

0

5

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019









272






Redemption Fee N/A





Performance Fee N/A



Other Fees






273

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-Euro: 1.40% Class A-MINCOME(G)-Euro: 1.40% Class A-ACC-Euro: 1.40% Class A-MINCOME(G)-HKD (hedged): 1.40% Class A-ACC-USD (hedged): 1.40% Class A-HMDIST(G)-AUD (hedged): 1.40% Class A-MDIST-Euro: 1.40% Class Y-ACC-Euro: 0.90% Class A-MDIST-USD (hedged): 1.40% Class Y-ACC-USD (hedged): 0.89% Class A-MINCOME-Euro: 1.40%



Base currency: Euro


Class A-ACC, Class A-ACC (hedged), Class Y-ACC & Class Y-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.

Class A-MDIST, Class A-MDIST (hedged) Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly.

Class A-MINCOMESubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole net investment income amount for most of the time, and distributions may be paid out of capital.

Investors should note that payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.





Fidelity Funds - European High Yield Fund

274








Objectives and investment policyThe fund is a Bond fund and aims to provide a high level of current income and capital appreciation by investing primarily (i.e. at least 70% of the fund's assets) in high-yielding, sub investment grade securities of issuers that have their head office or main activities in Western, Central and Eastern Europe (including Russia). This region includes certain countries considered to be emerging markets.

The fund invests in Western, Central and Eastern Europe (including Russia) and may invest in different countries in this region. It is unconstrained in the amount that it may invest in any country in this region.













275


Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk












Eurozone Risk




276








(%)

13.2

-2.9

22.6

8.8

2.2 0.9

8.2 6.3

-5.8

12.7

-20

0

20

40

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







277






Redemption Fee N/A





Performance Fee N/A



Other Fees









278

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-GBP: 1.44% Class A-ACC-GBP: 1.44%^ Unless otherwise stated, the ongoing charges figure represents the ongoing

expenses based on the annual financial report for the year ended 30 April 2020. This figure may vary from year to year.


Base currency: GBP

Dividend policy *: Class A Subject to the Board's discretion, dividends will be declared quarterly normally on the first business day of February, May, August and November and will be paid accordingly.







Objectives and investment policyThe fund is a Bond fund and aims to achieve income and capital growth by primarily (i.e. at least 70% of the fund's assets) investing in a broad range of fixed income instruments of issuers globally, including those located, listed or exposed to emerging markets, either denominated in Sterling or other currencies. Emerging market debt may include investments within, although not limited to, Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East. Exposure to non-Sterling denominated debt securities will be largely hedged back to Sterling.


The fund may invest up to 50% of its assets in high-yielding, lower quality instruments which will not be required to meet minimum rating standards and may not be rated for creditworthiness by any internationally recognised rating agency.


Fidelity Funds - Flexible Bond Fund

279

The fund may also invest in UCITS (undertaking for collective investment in transferable securities) and UCIs (undertaking for collective investment).

The investments of the fund are not restricted either by region or country, market sector or industry, and investments chosen will be largely determined by the availability of attractive investment opportunities.

The fund may make use of financial derivative instruments for investment purposes or use complex financial derivative instruments or strategies to meet the investment objectives of the fund with a level of risk which is consistent with the risk profile of the fund. Financial derivative instruments may be used to create economic exposure to the underlying asset, this may include futures, forwards, options, and swaps. The fund will use (i) index, basket or single credit default and total return swaps to gain exposure or reduce credit risk of issuers, (ii) interest rate futures, swaps or options to actively manage the level of interest rate risk and (iii) currency derivatives to hedge or gain exposure to currencies. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.



Use of derivatives/investment in derivativesThe fund’s net derivative exposure may be more than 50% but up to 100% of its net asset value.





















280












Financial Derivative Instruments The fund’s net derivative exposure may be more than 50% but up to 100% of its net asset value. The use of derivatives

may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.




(%)

9.3 11.0

5.4

-2.9

12.8

-0.8

9.5

3.4

-3.8

9.4

-10

-5

0

5

10

15

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class A-GBP increased or decreased in value during the calendar year being shown. Performance data has been calculated in GBP including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 1990 Class A-GBP launch date: 1990 Class A-GBP is selected as the most appropriate



281





Redemption Fee N/A





Performance Fee N/A



Other Fees









282

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.08% Class A-ACC-USD: 1.08%



Base currency: USD









The fund will invest in fixed income securities issued in global markets to maximise performance measured in US Dollars.




Fidelity Funds - Global Bond Fund

283











Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk


Sovereign Debt Risk





284
















(%)

6.7

3.8 5.2

-3.3

-1.2

-5.4

1.8

7.5

-0.9

7.1

-10

-5

0

5

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019






285







Redemption Fee N/A





Performance Fee N/A



Other Fees








286

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.32% Class A-MINCOME(G)-HKD (hedged): 1.32% Class A-MINCOME(G)-USD: 1.32% Class A-HMDIST(G)-AUD (hedged): 1.33% Class A-MINCOME(G)-USD (hedged): 1.32%



Base currency: USD



Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital.Class A-HMDIST(G) (hedged)#







Fidelity Funds - Global Income Fund

287


Objectives and investment policyThe fund is a Bond fund and seeks a high level of current income and the potential for capital appreciation by primarily (i.e. at least 70% of the fund's assets) investing in a portfolio of global fixed income securities, including, but not limited to, investment grade corporate bonds and government bonds of varying maturities, and high yield bonds and emerging market debt denominated in various currencies. Emerging market debt may include investments within, although not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.

The fund’s source of income will mainly be generated from coupon payments from bond holdings.

At least 50% of the fund's net asset value will be invested in investment grade fixed income securities, with the balance invested in, but not limited to, high yielding debt securities, which normally carry sub-investment grade ratings and emerging market debt.


The investments of the fund are not restricted either by region or country, and bonds will be chosen for investment largely determined by the availability of attractive investment opportunities.

As the fund may invest globally, it may invest across different countries and regions. It is unconstrained in the amount that it may invest in a country or region.




The fund will not invest more than 10% of their Net Asset Value in securities issued by or guaranteed by any single country (including its government, a public or local authority of that country) with a credit rating below investment grade.









288





Credit rating risk


Valuation Risk












Eurozone Risk

In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the fund’s investments in theregion may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the fund.




289









(%)1.3

-4.7

6.7 9.0

-2.9

12.7

-10

-5

0

5

10

15

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019








290






Redemption Fee N/A





Performance Fee N/A



Other Fees









291

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 0.71% Class Y-ACC-Euro (hedged): 0.51% Class A-ACC-Euro (hedged): 0.71% Class Y-GBP (hedged): 0.51%



Base currency: USD

Dividend policy *: Class A-ACC, Class A-ACC (hedged) & Class Y-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.

Class Y (hedged) Subject to the Board's discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.







Objectives and investment policyThe fund is a Bond fund and aims to provide attractive real level of income and capital appreciation. Real income is the income after adjusting for inflation.

The fund primarily (i.e. at least 70% of the fund's assets) invests in inflation-linked bonds, nominal bonds and other debt securities of worldwide issuers in developed and emerging markets. The fund will utilise a range of strategies from within, amongst others, the global inflation-linked, interest rate and credit markets. These strategies may include active yield curve strategies, sector rotation, security selection, relative value management and duration management.



Fidelity Funds - Global Inflation-linked Bond Fund

292


The fund may make use of financial derivative instruments for investment purposes or use complex financial derivative instruments or strategies to meet the investment objectives of the fund with a level of risk which is consistent with the risk profile of the fund. Financial derivative instruments may be used to create economic exposure to an asset akin to a physical holding of that asset. The fund will use (i) interest rate swaps to actively manage the level of interest rate risk, (ii) inflation swaps to eliminate unwanted, or pursue desired, inflation risks, and (iii) currency derivatives to hedge or gain exposure to currencies or replicate currency exposure of the underlying securities of a bond index. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.









Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk



293


Sovereign Debt Risk















The fund’s net derivative exposure may be more than 50% but up to 100% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.


294




(%)

3.9 4.6 5.2

-4.2 -4.8 -5.3

0.6

5.9

-2.5

5.3

-10

-5

0

5

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019












Redemption Fee N/A





Performance Fee N/A



Other Fees


295








296

PRODUCT KEY FACTS


Fidelity Funds - Global Short Duration Income Fund



Quick facts






Ongoing charges over a year^: Class A-ACC-USD: 1.06% Class A-MDIST-USD: 1.06% Class A-ACC-Euro: 1.06%



Base currency: USD








Objectives and investment policyThe fund is a Bond Fund and seeks to deliver an attractive income whilst maintaining an average duration of investments that does not exceed three years.

The fund primarily (i.e. at least 70% of the fund's assets) invests in a portfolio of global fixed income securities, including, but not limited to, investment grade° corporate bonds and government bonds of varying maturities, and high yield bonds and emerging market debt denominated in various currencies. Emerging market debt may include investments within, although not limited to, Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.



The fund may invest into money market instruments and/or short term debt instruments including certificates of deposits, commercial paper and floating rate notes, as well as in cash and cash equivalents.

° As rated by internationally recognised rating agencies

297

The fund may invest up to 50% of its assets in high yield bonds. The portfolio seeks to maintain an overall average credit rating of investment grade.

This fund may invest up to 10% of its net assets in loans.

The fund may invest up to 10% of its net asset value directly in onshore China fixed income securities listed or traded on any Eligible Market in China, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be.

The fund’s source of income will mainly be generated from coupon payments from bond holdings.























298








Eurozone Risk








(%)

7.4

-1.9

5.2

-3.8

-7.9 -10.7

-1.2

6.3

0.2

7.5

-20

-10

0

10

20

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







299







Redemption Fee N/A





Performance Fee N/A



Other Fees


Additional InformationYou generally buy, redeem or switch shares at the fund’s next-determined net asset value after we receive your request, directly or via a distributor, in good order at or before 5.00 p.m. Hong Kong time on a dealing day, being the fund’s dealing cut-off time. Before placing your orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).The net asset value of this fund is calculated and the price of shares is published each business day. Net asset value of the fund will be published in the South China Morning Post and the Hong Kong Economic Times.Investors may also obtain the past performance information of the fund’s representative share class and (if applicable) other share classes offered to Hong Kong investors from www.fidelity.com.hk*.Investors may obtain information on the intermediaries from the Fidelity Investor Hotline: +852 2629 2629.



300

PRODUCT KEY FACTS


Fidelity Funds - Sustainable Strategic Bond Fund



Quick facts






Ongoing charges over a year^: Class A-Euro (hedged): 1.44% Class A-ACC-Euro (hedged): 1.44% Class A-ACC-USD: 1.44% Class Y-ACC-Euro (hedged): 0.78%#


# The ongoing charges figure is an estimate based on the annualised ongoing expenses for the year ended 30 April 2020, as adjusted to reflect the reduction of management fee with effect from 30 October 2019. This figure may vary from year to year.


Base currency: USD

Dividend policy *: Class A (hedged) Subject to the Board’s discretion, dividends will be declared annually normally on the first business day of August and will be paid accordingly.

Class A-ACC, Class A-ACC (hedged) & Class Y-ACC (hedged)No dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.







Objectives and investment policyThe fund is a Bond Fund and seeks to maximise return through capital appreciation and income by primarily (i.e. at least 70% of its assets) investing in a broad range of fixed income instruments of issuers globally.

The fund adopts a best-in-class strategy under which a minimum of 70% of the fund’s net assets will be invested in securities which are deemed to maintain sustainable characteristics.

Sustainable characteristics may include, but are not limited to, effective governance and superior management of environmental and social issues (”ESG”), and an issuer is deemed to maintain this, if it has an ESG rating which is above the minimum ESG rating threshold determined by the Investment Manager from time to time. The Investment Manager will assess the ratings of securities and their issuers based on quantitative and qualitative assessments of their sustainability characteristics.

301


“Quantitative assessment” will be by reference to ESG ratings from external providers, or an internal rating assigned by the Investment Manager using relevant data in third-party certificates or labels, assessment reports on carbon footprints, and percentage of revenue or profits of the issuers generated from the relevant ESG-relevant activities.

“Qualitative assessment” will be by reference to case studies, environmental impact associated with the issuers, product safety documents, customer reviews, company visits or data from proprietary models and local intelligence.


The fund adheres to a principles-based exclusion framework which sets out the basis upon which certain issuers are excluded from its permissible investment universe. The framework incorporates both norms-based screening and negative screening of certain sectors, companies or practices based on specific ESG criteria to be determined by the Investment Manager from time to time. The norms-based screening includes issuers which fail to behave in a way which meets their fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption as set out by the Ten Principles of the United Nations Global Compact. The negative screening includes issuers within certain single product categories or industries which are fundamentally unsustainable or are associated with significant risks or liabilities from societal, environmental or health related harm. As an illustrative example, manufacturers of controversial weapons (e.g. land mines, nuclear weapons) are excluded from the investment universe of the fund under this framework. The current exclusion criteria may be updated from time to time. To apply this exclusion, the Investment Manager may use data provided by internal research teams as well as various external ESG data, tools and research providers.

The fund will adopt an active asset allocation approach, which may include but not limited to investment into high yield instruments and emerging markets. Investments will not be required to meet minimum rating standards.

The fund may invest its net assets directly in onshore China fixed income securities listed or traded on any Eligible Market in China.


The fund is not subject to any limitation on the portion of its net asset value that may invest in high yield securities or issuers.

Onshore China fixed income securities are listed or traded on any Eligible Market in China, and are issued by a variety of issuers such as government, quasi-government, banks, financial institutions or other corporate entities established or incorporated in China or corporate entities with commercial activities in China.

The fund may invest up to 10% of its net assets directly in onshore China fixed income securities listed or traded on any Eligible Market in China, with aggregate exposure including direct and indirect investments being less than 30% of its net asset value. “Eligible Market in China” refers to the Shanghai Stock Exchange, the Shenzhen Stock Exchange or the mainland China interbank bond market, as the case may be. The fund will have direct exposures to onshore China fixed income securities through the QFII quota of FIL Investment Management (Hong Kong) Limited, the China Interbank Bond Market direct access scheme, the Bond Connect and/ or through any permissible means available to the fund under prevailing laws and regulations. The fund may also have indirect exposures through financial instruments that invest in or are linked to the performance of onshore China fixed income securities, e.g. via credit-linked notes.


The fund may make use of financial derivative instruments for investment purposes or use complex financial derivative instruments or strategies to meet the investment objectives of the fund with a level of risk which is consistent with the risk profile of the fund. Financial derivative instruments may be used to create economic exposure to the underlying asset, this may include futures, forwards, options, and swaps. The fund will use (i) index, basket or single credit default and total return swaps to gain exposure or reduce credit risk of issuers, (ii) interest rate futures, swaps or options to actively manage the level of interest rate risk and (iii) currency derivatives to hedge or gain exposure to currencies. The long and short active currency positions implemented by the fund may not be correlated with the underlying securities positions held by the fund.




302
















Downgrading Risk


Credit/Default Risk


Credit Rating Risk


Valuation Risk


Income-producing Securities


303








Sovereign Debt Risk


Emerging Markets




Eurozone Risk





The fund’s net derivative exposure may be more than 50% but up to 100% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.


304



The performance during the years prior to 2019 was achieved under circumstances that may no longer apply as the investment objective was changed in 2016 and 2019.

(%)

5.5

-3.4 -3.9 -5.5

2.2

5.4

-1.9

10.1

-10

-5

0

5

10

15

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019










Subscription Fee Class A – Up to 3.5% of NAV Class Y – 0%


Redemption Fee N/A





Performance Fee N/A



Other Fees


305








306

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.05% Class A-MDIST-USD: 1.05% Class A-ACC-USD: 1.05% Class Y-ACC-USD: 0.65%



Base currency: USD











The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in US Dollar denominated debt securities.

The fund is not subject to any limitation on the portion of its Net Asset Value that may be invested in the USA.



307


The fund is actively managed. The Investment Manager will, when selecting investments for the Fund and for the purposes of monitoring risk, consider the ICE BofAML US Large Cap Corporate & Government Index (the “Benchmark”) as the Benchmark constituents best represent the characteristics the fund is seeking to gain exposure to. When monitoring risk, the Investment Manager references the Benchmark for the purpose of setting internal guidelines. These guidelines represent overall levels of exposure relative to the Benchmark and do not imply that the fund will invest in the Benchmark’s constituents. Where the fund invests in securities that are included in the Benchmark its allocation to those securities is likely to differ from the Benchmark allocation. The Investment Manager has a wide degree of freedom relative to the Benchmark with regards to investment selection and it may invest in issuers, sectors, countries and security types not included in the Benchmark in order to take advantage of investment opportunities. It is expected that over long time periods, the fund’s performance will differ from the Benchmark. However, over short time periods, the fund’s performance may be close to the Benchmark, depending on market conditions. The fund’s performance can be compared to the Benchmark.










Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk



308


Sovereign Debt Risk


















309



(%)

-10

-5

0

5

15

10

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

8.2 6.7

9.5 8.5

6.5 4.9

-3.3 -2.7

6.8 6.3

0.3 0.4 2.3 2.7 3.3 3.8

0.1

-0.3

9.8 9.6







The benchmark is the ICE BofAML US Large Cap Corporate & Government Index.






Redemption Fee N/A





Performance Fee N/A



Other Fees


310








311

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 1.39% Class A-MINCOME(G)-USD: 1.39% Class A-ACC-USD: 1.39% Class A-MDIST-AUD (hedged): 1.40% Class A-ACC-Euro: 1.39% Class A-MDIST-USD: 1.39% Class A-ACC-Euro (hedged): 1.40% Class Y-ACC-USD: 0.89% Class A-MINCOME-HKD: 1.40% Class I-MDIST-USD: 0.74% Class A-MINCOME-USD: 1.39%



Base currency: USD



Class A-MDIST, Class A-MDIST (hedged) & Class I-MDISTSubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly.

Class A-MINCOMESubject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole net investment income amount for most of the time, and distributions may be paid out of capital.Investors should note that payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.

Class A-MINCOME(G)Subject to the Board's discretion, dividends will be declared monthly normally on the first business day of each month and will be paid accordingly. The Board expects to recommend distribution of substantially the whole gross investment income amount for most of the time, and distributions may be paid out of capital. Investors should note that as fees and expenses may be charged to capital of the fund, this will result in an increase in distributable income for the payment of dividends. The fund may therefore pay dividend directly out of capital and/or effectively out of capital. Such payment of dividends out of capital represents a return or withdrawal of part of the amount originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund.


Fidelity Funds - US High Yield Fund

312




Class I USD 10,000,000 USD 100,000



Objectives and investment policyThe fund is a Bond fund and seeks a high level of current income and capital appreciation by investing primarily (i.e. at least 70% of the fund's assets) in high-yielding, lower quality securities of issuers that have their principal business activities in the US.

This fund may invest up to 10% of its net assets in loans.












Downgrading risk


Credit/Default Risk



313


Credit rating risk


Valuation Risk




















314



(%)

14.5

1.7

14.8

5.1 3.1

-3.7

13.5

7.9

-3.9

14.6

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019









Subscription Fee Class A – Up to 3.5% of NAVClass I – 0%Class Y – 0%


Redemption Fee N/A



Management Fee* Class A – Up to 1.00% p.a. of NAVClass I – Up to 0.65% p.a. of NAVClass Y – Up to 0.65% p.a. of NAV


Performance Fee N/A



Other Fees



315









316

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-AUD: 0.67%



Base currency: AUD







Objectives and investment policyThe fund is a Cash fund and aims to provide a return in line with money market rates where both capital security and liquidity are primary considerations from professionally managed portfolios of Money Market Instruments and other assets permitted by law in different geographical areas and currencies, with the opportunity to achieve the objective of regular income and high liquidity.

The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Australian Dollar denominated debt securities and other permitted assets, including cash and cash equivalents and, within the restrictions imposed by law, Money Market Instruments, reverse repurchase agreements and deposits.

For the remaining assets, the Investment Manager has the freedom to invest in other permitted assets which meet the aim of the fund, within the restrictions imposed by MMFR.

The assets of the fund shall exclusively be composed of Money Market Instruments, and other eligible assets under the MMFR and ancillary liquid assets.

The fund may use financial derivative instruments only for the purpose of hedging the interest rate or exchange rate risks inherent in other investments of the fund. Financial derivative instruments may include interest rate futures, interest rate swaps, forward contracts or a combination thereof.


The fund will not engage extensively in repurchase and reverse repurchase transactions. The fund will not enter into securities lending transactions nor margin lending transactions.

Fidelity Funds - Australian Dollar Cash Fund

317



What are the key risks?Investment involves risks. Please refer to the Hong Kong Prospectus for details including the risk factors. The purchase of shares is not the same as placing monies on deposit with a bank or a deposit taking company and that the fund has no obligation to redeem or sell shares at the dealing price paid by the investor. The fund does not guarantee a stable net asset value. The fund is not subject to supervision of the Hong Kong Monetary Authority.





Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk








Risk of Investing in Cash Fund

An investment in a Cash fund is neither insured nor guaranteed by any government, government agencies or government-sponsored agencies or any bank guarantee fund. The fund does not guarantee a stable net asset value. The performance of a Cash fund may be affected by changes in money market rates, economic and market conditions and in legal, regulatory and tax requirements. In a low interest rate environment or during adverse market conditions, the Cash fund may invest in negative yield instruments which may adversely impact the net asset value of the fund.

318



(%)

1.2 1.3

0.8

0

1

2

2015 2016 2017 2018 2019



These figures show by how much the Class A-ACC-AUD increased or decreased in value during the calendar year being shown. Performance data has been calculated in AUD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.


Fund launch date: 2016 Class A-ACC-AUD launch date: 2016 Class A -ACC-AUD is selec ted as the most





Subscription Fee Class A – 0%


Redemption Fee N/A





Performance Fee N/A



Other Fees


319








320

PRODUCT KEY FACTS




Quick facts









Base currency: Euro









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Euro denominated debt securities and other permitted assets, including cash and cash equivalents and, within the restrictions imposed by law, Money Market Instruments, reverse repurchase agreements and deposits.




Fidelity Funds - Euro Cash Fund

321









Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk


Eurozone Risk









322




* On 18 January 2016, Fidelity Funds II - Euro Currency Fund merged into Fidelity Funds - Euro Cash Fund.

(%)

0.0 0.2

0.0 0.0 0.0 0.0

-0.3 -0.6 -0.6

-0.9

-2

-1

0

1

2010 2011 2012 2013 2014 2015 2016* 2017 2018 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



323








324

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-ACC-GBP: 0.67%



Base currency: GBP








The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in Sterling denominated debt securities and other permitted assets, including cash and cash equivalents and, within the restrictions imposed by law, Money Market Instruments, reverse repurchase agreements and deposits.






Fidelity Funds - Sterling Cash Fund

325








Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk










326



(%)0.0

0.1 0.1

-1

0

1

2015 2016 2017 2018 2019



These figures show by how much the Class A-ACC-GBP increased or decreased in value during the calendar year being shown. Performance data has been calculated in GBP including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.


Fund launch date: 2016 Class A-ACC-GBP launch date: 2016 Class A -ACC- GBP is selec ted as the most







Redemption Fee N/A





Performance Fee N/A



Other Fees


327








328

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class A-USD: 0.61% Class A-ACC-HKD: 0.61% Class A-ACC-USD: 0.61%



Base currency: USD









The fund invests principally (i.e. at least 70% (and normally 75%) of the fund's assets) in US Dollar denominated debt securities and other permitted assets, including cash and cash equivalents and, within the restrictions imposed by law, Money Market Instruments, reverse repurchase agreements and deposits.




Fidelity Funds - US Dollar Cash Fund

329
























330




* On 19 November 2018, Fidelity Funds II - US Dollar Currency Fund merged into Fidelity Funds - US Dollar Cash Fund.

(%)

0.0 0.1 0.1 0.0 0.1 0.0 0.1

0.6

1.6

1.8

0

1

2

2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019











Redemption Fee N/A





Performance Fee N/A



Other Fees



331








332

PRODUCT KEY FACTS




Quick facts









Base currency: USD







Objectives and investment policyThe fund is a Fidelity Lifestyle fund and aims to provide long-term capital growth for investors planning to withdraw substantial portions of their investment in the year 2020.

The fund will typically invest in equities, bonds and interest bearing debt securities and money market securities in accordance with an asset allocation that will become increasingly conservative as the target year of 2020 is approached.

Where initially the fund may be heavily invested in equities, it may also be invested in a more conservative portfolio of bonds, interest bearing debt securities and money market securities throughout the world, including emerging markets. The percentage weightings will vary over time as the fund approaches, reaches and passes its target date in 2020.



Fidelity Funds - Fidelity TargetTM 2020 Fund

333

The fund may invest in assets directly or achieve exposure indirectly through other eligible means including financial derivative instruments (“derivatives”) . Such derivatives may include over-the-counter and/or exchange traded instruments such as futures, contracts for difference, equity swaps, options such as puts, calls and warrants, interest rate or bond futures, swaptions and interest rate, credit default and/or total return or inflation swaps, forwards including non-deliverable forwards and currency swaps. The fund may use derivatives with the aim of risk or cost reduction or to generate additional capital or income (including for investment purposes), in line with the risk profile of the fund.







Equities


Multi-Asset




Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk


Risk relating to target date asset allocation strategy

The performance of the fund is dependent on the outcome of the asset allocation employed by the fund and there is a risk that losses will be realised as the asset allocation changes. While investors will be provided with investment options at the target date, there is no guarantee that the fund will close and so investors may suffer loss after the target date. Investors should not select the fund based solely on their age or retirement date. There is no guarantee that investors will receive the principal invested on the target date.


334







Eurozone Risk







(%)

11.4

-10.2

14.1

25.0

4.4

-1.9

2.2

14.1

-3.6

6.7

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







335






Redemption Fee N/A



Management Fee*# Class A – Up to 1.50% p.a. of NAV


Performance Fee N/A



# In addition to the management fee, an asset allocation fee of up to 0.30% is levied on the fund.

Other Fees









336

PRODUCT KEY FACTS




Quick facts









Base currency: Euro







Objectives and investment policyThe fund is a Fidelity Lifestyle fund and aims to achieve long-term capital growth for Euro investors planning to withdraw substantial portions of their investment in the year 2025.

The fund will typically invest in a wide range of investments covering markets throughout the world, including emerging markets, and providing exposure to bonds, equities, interest bearing securities and money market securities as well as instruments providing exposure to commodities, in accordance with an asset allocation that will become increasingly conservative as the year 2025 is approached.

The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. Accordingly, the fund may also invest its assets in currencies other than the Euro.


Where initially the fund may be heavily invested in equities, it may also be invested in a more conservative portfolio of bonds, interest bearing debt securities and money market securities throughout the world. The percentage weightings will vary over time as the fund approaches, reaches and passes its target date of 2025.

Fidelity Funds - Fidelity TargetTM 2025 (Euro) Fund

337











Multi-Asset Multi-asset funds invest in multiple asset classes and are being subject to risks inherent in those individual asset

classes. The overall risk depends on the correlation of returns between each asset class and could be adversely affected by a change in those correlations which could result in higher volatility and/or lower diversification.











Risk relating to target date asset allocation strategy The performance of the fund is dependent on the outcome of the asset allocation employed by the fund and there

is a risk that losses will be realised as the asset allocation changes. While investors will be provided with investment options at the target date, there is no guarantee that the fund will close and so investors may suffer loss after the target date. Investors should not select the fund based solely on their age or retirement date. There is no guarantee that investors will receive the principal invested on the target date.


338








Eurozone Risk







(%)


14.2

-8.9

14.5 14.0 14.7

6.0 5.1 5.5

-5.7

16.9

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019






339






Redemption Fee N/A



Management Fee* Class A – Up to 1.10% p.a. of NAV^


Performance Fee N/A



^ The management fee will be reduced further on 1 January 2023 to “Up to 0.85%”.

Other Fees









340

PRODUCT KEY FACTS




Quick facts









Base currency: Euro







Objectives and investment policyThe fund is a Fidelity Lifestyle fund and aims to achieve long-term capital growth for Euro investors planning to withdraw substantial portions of their investment in the year 2030.

The fund will typically invest in a wide range of investments covering markets throughout the world, including emerging markets, and providing exposure to bonds, equities, interest bearing securities and money market securities as well as instruments providing exposure to commodities, in accordance with an asset allocation that will become increasingly conservative as the year 2030 is approached.


The Euro to which the name of the fund refers is a currency of reference and not a currency of investments. Accordingly, the fund may also invest its assets in currencies other than the Euro.

Where initially the fund may be heavily invested in equities, it may also be invested in a more conservative portfolio of bonds, interest bearing debt securities and money market securities throughout the world. The percentage weightings will vary over time as the fund approaches, reaches and passes its target date in 2030.



341








Equities


Multi-Asset




Downgrading risk


Credit/Default Risk


Credit rating risk


Valuation Risk


Risk relating to target date asset allocation strategy

The performance of the fund is dependent on the outcome of the asset allocation employed by the fund and there is a risk that losses will be realised as the asset allocation changes. While investors will be provided with investment options at the target date, there is no guarantee that the fund will close and so investors may suffer loss after the target date. Investors should not select the fund based solely on their age or retirement date. There is no guarantee that investors will receive the principal invested on the target date.


342







Eurozone Risk







(%)


15.3

-9.9

14.9 16.4 15.5

7.3 5.8 7.0

-7.3

20.2

-20

-10

0

10

20

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019







343






Redemption Fee N/A



Management Fee* Class A – Up to 1.50% p.a. of NAV^


Performance Fee N/A



^ The management fee will be reduced to “Up to 1.10%” on 1 January 2023 and reduced further on 1 January 2028 to “Up to 0.85%”.

Other Fees









344

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class I-ACC-USD: 0.93%



Base currency: USD

Dividend policy *: Class I-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.




Class I USD 10,000,000 USD 100,000


Objectives and investment policyThe fund is an Institutional Reserved Equity fund and aims to provide long-term capital growth with the level of income expected to be low.

The fund invests primarily (i.e. at least 70% of the fund's assets) in equity securities of companies in global markets that are experiencing rapid economic growth including countries in Latin America, South East Asia, Africa, Eastern Europe (including Russia) and the Middle East.




Fidelity Funds - Institutional Emerging Markets Equity Fund

345







Equities


Valuation Risk


Emerging Markets










(%)

20.8

-16.1

17.3 12.7

-0.4 -6.0

-0.8

44.0

-20.0

29.4

-40

-20

0

20

40

60

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class I-ACC-USD increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 2006 Class I-ACC-USD launch date: 2006 Class I - ACC -USD is se lec ted as the most



346





Subscription Fee 0%


Redemption Fee N/A





Performance Fee N/A



Other Fees








347

PRODUCT KEY FACTS




Quick facts






Ongoing charges over a year^: Class I-ACC-JPY: 0.93%



Base currency: JPY

Dividend policy *: Class I-ACCNo dividends will be paid for accumulating shares. All interest and other income earned on the investment will be retained in the fund.




Class I USD 10,000,000 USD 100,000


Objectives and investment policyThe fund is an Institutional Reserved Equity fund and aims to achieve long-term capital appreciation.

The fund will invest primarily (i.e. at least 70% of the fund's assets) in the shares of companies in Japan. There is no policy to restrict investment to particular economic sectors.





Fidelity Funds - Institutional Japan Fund

348




Equities


Valuation Risk











(%)

-3.7

-19.3

21.4

54.3

8.6 7.4

-4.7

23.6

-22.9

24.6

-40

-20

0

20

40

60

80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



These figures show by how much the Class I-ACC-JPY increased or decreased in value during the calendar year being shown. Performance data has been calculated in JPY including ongoing charges and excluding any subscription fees and redemption fees you might have to pay.

Fund launch date: 2006 Class I-ACC-JPY launch date: 2006 C lass I - ACC -JPY i s se lec ted as the mos t



349




Subscription Fee 0%


Redemption Fee N/A





Performance Fee N/A



Other Fees









350

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